Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) to Issue Dividend Increase – $0.24 Per Share

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Wednesday, January 22nd,Wall Street Journal reports. Shareholders of record on Friday, February 7th will be paid a dividend of 0.24 per share by the financial services provider on Friday, February 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22.

Pinnacle Financial Partners has increased its dividend by an average of 6.9% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 9.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $9.04 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 9.7%.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $122.04 on Thursday. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $9.43 billion, a P/E ratio of 20.41 and a beta of 1.09. The firm has a fifty day moving average price of $119.40 and a 200 day moving average price of $104.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 9.12% and a net margin of 15.48%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.68 EPS. Sell-side analysts predict that Pinnacle Financial Partners will post 7.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PNFP. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $124.73.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock worth $9,563,127 over the last 90 days. 1.87% of the stock is currently owned by insiders.

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.