Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Declares Quarterly Dividend of $0.22

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) announced a quarterly dividend on Tuesday, October 15th, Zacks reports. Investors 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 is Friday, November 1st.

Pinnacle Financial Partners has increased its dividend by an average of 11.2% per year over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.3% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ PNFP opened at $105.47 on Thursday. The business has a fifty day moving average price of $95.27 and a two-hundred day moving average price of $86.79. The stock has a market capitalization of $8.14 billion, a PE ratio of 15.09 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $106.62.

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

Wall Street Analyst Weigh In

PNFP has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Wells Fargo & Company lowered Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target on the stock. in a research note on Tuesday, October 1st. Hovde Group boosted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average 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.