Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) to Issue $0.22 Quarterly Dividend

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, October 15th, Zacks reports. Stockholders of record on Friday, November 1st will be paid a dividend of 0.22 per share by the financial services provider on Friday, November 29th. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st.

Pinnacle Financial Partners has increased its dividend payment by an average of 11.2% per year over the last three years. Pinnacle Financial Partners has a payout ratio of 11.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle Financial Partners to earn $7.84 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 11.2%.

Pinnacle Financial Partners Trading Up 4.9 %

Shares of Pinnacle Financial Partners stock opened at $105.47 on Thursday. The company has a fifty day simple moving average of $95.27 and a 200-day simple moving average of $86.79. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $106.62. 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 market cap of $8.14 billion, a price-to-earnings ratio of 15.09 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the business posted $1.79 EPS. On average, equities analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Wells Fargo & Company downgraded shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target for the company. in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $102.10.

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.