NASHVILLE—Robert A. McCabe Jr., Chairman of Pinnacle Financial Partners Inc. (NASDAQ:PNFP), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, McCabe sold a total of 50,000 shares of Pinnacle Financial stock on December 6, 2024. The transactions were executed at prices ranging from $123.97 to $124.59 per share, amounting to a total value of approximately $6.2 million. The sale comes as the $9.3 billion market cap bank has delivered impressive returns, with the stock up nearly 63% over the past six months according to InvestingPro data.
Following these transactions, McCabe retains ownership of 123,000 shares through the McCabe Family 2020 GST Exempt Trust. Additionally, he holds various other shares indirectly through family and personal accounts, including a 401K plan and an IRA.
These sales are part of McCabe's ongoing financial management and do not necessarily reflect his outlook on the company's future performance. Pinnacle Financial Partners, headquartered in Nashville, Tennessee, continues to operate as a prominent national commercial bank.
In other recent news, Pinnacle Financial Partners has been making headlines with robust Q3 results and a positive future outlook. The company showcased significant growth in loans, deposits, and earning assets, leading to an adjusted 2024 loan growth expectation of 7%-8% and raised fee revenue expectations to 23%-26%. Citi, in response to these developments, increased Pinnacle Financial's price target from $113.00 to $123.00, maintaining a Buy rating on the stock.
This adjustment reflects Citi's confidence in the bank's growth prospects, particularly due to the recent hiring of a strong team of relationship managers. Despite a slight decrease in the Net Interest Margin (NIM) outlook, Citi analysts expect Pinnacle Financial to experience robust loan growth into 2025 and 2026, even in a potentially lower interest rate environment. The bank's revenue growth, including both net interest income (NII) and fee income, is projected to increase in 2025.
On the other hand, Citi anticipates an increase in the bank's expense base, aligning with the assumption of double-digit loan growth. Despite these projections, Citi foresees limited expansion in the bank's NIM until there is an increase in the long end of the interest rate curve. Nevertheless, the overall financial health and growth potential of Pinnacle Financial remain strong, according to recent developments.
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