Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Free Report) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Investors of record on Friday, May 3rd will be given a dividend of 0.22 per share by the financial services provider on Friday, May 31st. This represents a $0.88 annualized dividend and a yield of 1.09%. The ex-dividend date is Thursday, May 2nd.
Pinnacle Financial Partners has increased its dividend payment by an average of 11.2% annually over the last three years. Pinnacle Financial Partners has a payout ratio of 11.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle Financial Partners to earn $7.98 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 11.0%.
Pinnacle Financial Partners Stock Down 3.0 %
PNFP stock traded down $2.51 during midday trading on Thursday, hitting $80.45. The company’s stock had a trading volume of 52,824 shares, compared to its average volume of 460,513. The company has a market cap of $6.20 billion, a PE ratio of 11.87 and a beta of 1.08. Pinnacle Financial Partners has a 12 month low of $43.31 and a 12 month high of $92.33. 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 firm’s 50-day moving average is $82.35 and its 200-day moving average is $79.18.
Wall Street Analyst Weigh In
Check Out Our Latest Report on Pinnacle Financial Partners
Insiders Place Their Bets
In other news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,844 shares of company stock valued at $3,933,734. 1.87% of the stock is currently owned by insiders.
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.
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