Pinnacle Financial chairman sells over $9 million in stock By


NASHVILLE, TN – Pinnacle Financial Partners Inc. (NASDAQ:) has reported a significant stock transaction by Chairman Robert A. McCabe Jr., involving the sale of company shares valued at over $9 million. The transactions occurred on April 25, 2024, and were disclosed in a recent filing with the Securities and Exchange Commission.

McCabe sold a total of 115,249 shares of Pinnacle Financial common stock. The shares were sold at weighted average prices ranging from $81.0406 to $82.4518, amounting to a total sale value of approximately $9,340,031. The prices were part of multiple transactions, with specific shares sold at various points within the given price range.

Following the sale, McCabe still holds a substantial amount of Pinnacle Financial stock directly and indirectly through various family trusts and retirement accounts. The reported direct holdings after the transaction amount to 153,062 shares of common stock. Additionally, indirect holdings include 173,000 shares in the McCabe Family 2020 GST Exempt Trust, and several thousand more shares held in retirement accounts and by family members.

Pinnacle Financial Partners, headquartered in Nashville, Tennessee, is a bank holding company providing a range of banking services. The company’s stock is traded on the NASDAQ under the ticker symbol PNFP.

Investors often monitor the buying and selling activity of company insiders like McCabe for insights into the financial health and future prospects of the company. Transactions like these are regularly reported and are a routine part of executive compensation and financial planning.

The filing did not provide any specific reason for the sale, and it is not uncommon for executives to sell shares for personal financial management, including diversification and liquidity needs.

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For more detailed information on the transaction and McCabe’s holdings, interested parties can refer to the full filing made available by the Securities and Exchange Commission.

InvestingPro Insights

Pinnacle Financial Partners Inc. (NASDAQ:PNFP) has been a topic of interest for investors, especially following Chairman Robert A. McCabe Jr.’s recent sale of over $9 million in company shares. To provide further context for investors observing the company’s financial dynamics, InvestingPro offers valuable insights and real-time data metrics.

InvestingPro Tips highlight that analysts have shown optimism regarding Pinnacle Financial Partners’ earnings, with 7 analysts revising their earnings upwards for the upcoming period. This could be indicative of the company’s robust financial outlook. Additionally, Pinnacle Financial has maintained dividend payments for 12 consecutive years, showcasing a commitment to providing shareholder value, despite concerns about its gross profit margins.

From a data perspective, the company boasts a market capitalization of $6.07 billion, and a Price to Earnings (P/E) Ratio close to 11.37, which aligns with the adjusted P/E Ratio for the last twelve months as of Q1 2024. These metrics are crucial for investors to understand the company’s valuation in the current market. Furthermore, Pinnacle Financial has experienced a significant price uptick of 32.92% over the last six months, which could signal strong investor confidence or a response to positive company developments.

For investors seeking a comprehensive analysis, there are additional InvestingPro Tips available for Pinnacle Financial Partners, which can be accessed through the tailored InvestingPro product. These insights could be particularly useful for those looking to make informed decisions based on the latest company data and analyst predictions. Interested individuals can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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It is worth noting that, alongside these insights, Pinnacle Financial has shown a commendable one-year price total return of 50.08%, highlighting the potential long-term growth for shareholders. This, coupled with the InvestingPro Tips and real-time data metrics, provides a more nuanced understanding of the company’s current standing and future potential in the financial market.

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