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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, July 16th, Wall Street Journal reports. Investors of record on Friday, August 2nd will be paid a dividend of 0.22 per share by the financial services provider on Friday, August 30th. This represents a $0.88 annualized dividend and a yield of 0.91%. The ex-dividend date is Friday, August 2nd.

Pinnacle Financial Partners has raised its dividend payment by an average of 11.2% annually over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $7.87 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 Trading Down 0.7 %

Shares of Pinnacle Financial Partners stock opened at $96.32 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 13.78 and a beta of 1.08. The company’s fifty day simple moving average is $82.21 and its 200-day simple moving average is $82.68. Pinnacle Financial Partners has a 1 year low of $59.66 and a 1 year high of $98.58.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Stephens decreased their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Barclays boosted their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. Jefferies Financial Group reduced their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Finally, Hovde Group lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $99.00.

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.