Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Announces Quarterly Dividend of $0.22

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be given a dividend of 0.22 per share by the financial services provider on Friday, May 31st. This represents a $0.88 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Thursday, May 2nd.

Pinnacle Financial Partners has increased its dividend by an average of 11.2% per year over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $7.98 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 11.0%.

Pinnacle Financial Partners Trading Down 3.0 %

NASDAQ:PNFP traded down $2.51 on Thursday, hitting $80.45. 52,824 shares of the stock were exchanged, compared to its average volume of 460,513. The stock has a market cap of $6.20 billion, a PE ratio of 11.87 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average of $82.35 and a 200-day moving average of $79.18. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the transaction, the chairman now owns 97,226 shares in the company, valued at $7,993,921.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 24,057 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,844 shares of company stock valued at $3,933,734. Corporate insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PNFP shares. Truist Financial lifted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Stephens restated an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday. Hovde Group cut their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $96.13.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.