Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, October 12th, Zacks reports. Investors of record on Friday, November 5th will be given a dividend of 0.18 per share by the financial services provider on Friday, November 26th. This represents a $0.72 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Thursday, November 4th.
Pinnacle Financial Partners has raised its dividend 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% indicating that its dividend is sufficiently covered by earnings. Equities 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%.
PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners has a 12 month low of $37.77 and a 12 month high of $103.90. The stock has a market capitalization of $7.74 billion, a price-to-earnings ratio of 16.57 and a beta of 1.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.90. The business has a fifty day moving average price of $94.60 and a 200 day moving average price of $91.05.
Several research analysts have recently issued reports on PNFP shares. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Friday, October 1st. Truist upped their price objective on Pinnacle Financial Partners from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, July 22nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $93.50.
In other news, CEO M Terry Turner sold 79,340 shares of the business’s stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $94.27, for a total value of $7,479,381.80. Following the completion of the sale, the chief executive officer now directly owns 172,457 shares of the company’s stock, valued at approximately $16,257,521.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Hugh M. Queener sold 843 shares of the company’s stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total value of $80,430.63. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.
A hedge fund recently raised its stake in Pinnacle Financial Partners stock. Morgan Stanley raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 98,240 shares of the financial services provider’s stock after acquiring an additional 25,025 shares during the period. Morgan Stanley owned approximately 0.13% of Pinnacle Financial Partners worth $8,673,000 as of its most recent SEC filing. 80.67% of the stock is owned by institutional investors and hedge funds.
About Pinnacle Financial Partners
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.
Further Reading: Why do corrections happen?
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.