Pinnacle Financial Partners, Inc. (PNFP) To Go Ex-Dividend on November 1st

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

Pinnacle Financial Partners has raised 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 Stock Performance

PNFP opened at $105.47 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $106.62. The firm has a market cap of $8.14 billion, a P/E ratio of 15.09 and a beta of 1.05. The business’s fifty day moving average is $95.27 and its 200-day moving average is $86.79.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping 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 earnings per share. Sell-side analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Analysts Set New Price Targets

PNFP has been the topic of several analyst reports. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a report on Tuesday, October 1st. Truist Financial upped their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Barclays raised their price objective on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Finally, Hovde Group boosted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.10.

Pinnacle Financial Partners Company Profile

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.