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| Cash Dividend On The Way From Pinnacle Financial Partners Preferred SharesBy Preferred Stock Channel Staff, Monday, February 12, 1:33 PM ET
On 2/14/24, Pinnacle Financial Partners Inc's 6.75% Dep Shares Non-Cumul Prfd Stock Ser B (NASDAQ:PNFPP) will trade ex-dividend, for its quarterly dividend of $0.422, payable on 3/1/24. As a percentage of PNFPP's recent share price of $24.20, this dividend works out to approximately 1.74%, so look for shares of PNFPP to trade 1.74% lower — all else being equal — when PNFPP shares open for trading on 2/14/24. On an annualized basis, the current yield is approximately 7.00%, which compares to an average yield of 6.71% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, PNFPP was trading at a 3.48% discount to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of PNFPP shares, versus PNFP:
Below is a dividend history chart for PNFPP, showing historical dividends prior to the most recent $0.422 on Pinnacle Financial Partners Inc's 6.75% Dep Shares Non-Cumul Prfd Stock Ser B: Free Report: Top 8%+ Dividends (paid monthly)
In Monday trading, Pinnacle Financial Partners Inc's 6.75% Dep Shares Non-Cumul Prfd Stock Ser B (NASDAQ:PNFPP) is currently up about 0.3% on the day, while the common shares (NASDAQ:PNFP) are up about 2.2%.
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