Pinnacle Financial Partners, Inc. (PNFP) To Go Ex-Dividend on May 2nd

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) declared a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders 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 dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, May 2nd.

Pinnacle Financial Partners has raised its dividend by an average of 11.2% per year over the last three years. Pinnacle Financial Partners has a dividend payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle Financial Partners to earn $7.96 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 11.1%.

Pinnacle Financial Partners Trading Down 1.2 %

NASDAQ PNFP opened at $79.36 on Tuesday. The business’s fifty day moving average is $82.11 and its 200-day moving average is $79.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. Pinnacle Financial Partners has a one year low of $43.31 and a one year high of $92.33.

Analyst Ratings Changes

Several brokerages have commented on PNFP. Hovde Group lowered their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. UBS Group dropped their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 18th. Jefferies Financial Group decreased 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. Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.50.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the sale, the chairman now owns 97,226 shares in the company, valued at approximately $7,993,921.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The disclosure for this sale can be found here. Insiders have sold 235,093 shares of company stock worth $19,103,353 in the last ninety days. 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.