Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Shareholders of record on Friday, November 5th will be given a dividend of 0.18 per share by the financial services provider on Friday, November 26th. This represents a $0.72 annualized dividend and a yield of 0.71%. The ex-dividend date is Thursday, November 4th.
Pinnacle Financial Partners has raised its dividend payment by 14.3% over the last three years and has increased its dividend annually for the last 1 consecutive 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 $6.12 per share next year, which means the company should continue to be able to cover its $0.70 annual dividend with an expected future payout ratio of 11.4%.
PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners has a 1-year low of $37.77 and a 1-year high of $103.90. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a market cap of $7.74 billion, a P/E ratio of 16.57 and a beta of 1.39. The company has a fifty day moving average price of $94.60 and a two-hundred day moving average price of $91.05.
A number of brokerages have recently issued reports on PNFP. Truist lifted their price objective on shares of Pinnacle Financial Partners from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, July 22nd. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Buy” and a consensus target price of $99.25.
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 79,340 shares of the business’s stock in a transaction dated Monday, September 13th. The shares were sold at an average price of $94.27, for a total value of $7,479,381.80. Following the transaction, the chief executive officer now directly owns 172,457 shares in the company, valued at $16,257,521.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Hugh M. Queener sold 843 shares of the business’s stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total transaction of $80,430.63. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
A hedge fund recently raised its stake in Pinnacle Financial Partners stock. Morgan Stanley grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 98,240 shares of the financial services provider’s stock after purchasing an additional 25,025 shares during the period. Morgan Stanley owned approximately 0.13% of Pinnacle Financial Partners worth $8,673,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 80.67% of the company’s stock.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.
Further Reading: Euro STOXX 50 Index
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.