Pinnacle Financial Partners, Inc. (NYSE:PNFP) Shareholders to Receive $0.50 Quarterly Dividend

Pinnacle Financial Partners, Inc. (NYSE:PNFP) announced a quarterly dividend on Monday, October 26th. Investors of record on Friday, November 6th will be paid a dividend of $0.50 per share on Friday, November 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th.

Pinnacle Financial Partners has raised its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 1 years. Pinnacle Financial Partners has a dividend payout ratio of 23.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Pinnacle Financial Partners to earn $11.49 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 17.4%.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $100.47 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.73. The company’s 50-day moving average price is $97.95 and its 200 day moving average price is $96.67. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $110.33. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts forecast that Pinnacle Financial Partners will post 10.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Kevin Blair purchased 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were bought at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the acquisition, the chief executive officer directly owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider M. Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock valued at $19,153,713 over the last quarter. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Cahaba Wealth Management Inc. lifted its position in Pinnacle Financial Partners by 0.5% during the third quarter. Cahaba Wealth Management Inc. now owns 27,090 shares of the company’s stock valued at $2,536,000 after buying an additional 133 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of Pinnacle Financial Partners by 3.6% in the 3rd quarter. Park Avenue Securities LLC now owns 7,078 shares of the company’s stock valued at $663,000 after acquiring an additional 249 shares during the period. Swmg LLC raised its stake in shares of Pinnacle Financial Partners by 7.1% in the 3rd quarter. Swmg LLC now owns 2,273 shares of the company’s stock valued at $228,000 after acquiring an additional 150 shares during the period. Signaturefd LLC lifted its holdings in shares of Pinnacle Financial Partners by 21.9% during the 3rd quarter. Signaturefd LLC now owns 8,212 shares of the company’s stock valued at $769,000 after acquiring an additional 1,475 shares in the last quarter. Finally, Sowell Financial Services LLC lifted its holdings in shares of Pinnacle Financial Partners by 2.7% during the 3rd quarter. Sowell Financial Services LLC now owns 11,587 shares of the company’s stock valued at $1,085,000 after acquiring an additional 309 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.