Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, October 12th, Zacks reports. Stockholders of record on Friday, November 5th will be paid a dividend of 0.18 per share by the financial services provider on Friday, November 26th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Thursday, November 4th.
Pinnacle Financial Partners has increased its dividend payment by 14.3% over the last three years and has increased its dividend every year for the last 1 years. Pinnacle Financial Partners has a payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. 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%.
Shares of NASDAQ PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners has a twelve month low of $37.77 and a twelve month high of $103.90. The stock’s 50 day moving average price is $94.60 and its 200-day moving average price is $91.05. The company has a market capitalization of $7.74 billion, a PE ratio of 16.57 and a beta of 1.39. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.
In related news, CAO Hugh M. Queener sold 843 shares of the company’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total value of $80,430.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 79,340 shares of the company’s stock in a transaction on Monday, September 13th. The stock was sold at an average price of $94.27, for a total transaction of $7,479,381.80. Following the completion of the transaction, the chief executive officer now owns 172,457 shares of the company’s stock, valued at $16,257,521.39. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
An institutional investor recently raised its position in Pinnacle Financial Partners stock. Morgan Stanley raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in 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 buying an additional 25,025 shares during the period. Morgan Stanley owned about 0.13% of Pinnacle Financial Partners worth $8,673,000 at the end of the most recent reporting period. 80.67% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on PNFP shares. Truist lifted their price target on shares of Pinnacle Financial Partners from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Buy” and an average price target of $99.25.
Pinnacle Financial Partners Company Profile
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.
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