Procore signs multi-year strategic collaboration agreement with AWS
NASHVILLE—Robert A. McCabe Jr., Chairman of Pinnacle Financial Partners Inc. (NASDAQ:PNFP), sold a significant portion of company stock earlier this week, according to a recent SEC filing. The transactions, which took place on February 24, involved the sale of 40,000 shares at prices ranging from $113.60 to $115.50 per share, totaling approximately $4.55 million. The stock, currently trading at $113.41, appears undervalued according to InvestingPro analysis, with analysts setting price targets between $120 and $148.
Following these sales, McCabe’s indirect holdings, managed through the McCabe Family 2020 GST Exempt Trust, decreased to 83,000 shares. The sales were executed in multiple transactions, with the weighted average price reported for each batch of shares.
Additionally, the filing disclosed an acquisition of 38,522 shares on February 25, awarded as performance units, which were settled at no cost to McCabe. However, 15,159 of these shares were retained by the company to cover withholding taxes, valued at $1.71 million, at a price of $113.02 per share.
Pinnacle Financial Partners, headquartered in Nashville, Tennessee, continues to be a significant player in the national commercial banking sector. With a market capitalization of $8.68 billion and strong returns over the past five years, the bank has shown robust performance. InvestingPro subscribers can access detailed analysis and 8 additional key insights about PNFP’s financial health and growth prospects.
In other recent news, Pinnacle Financial Partners Inc. disclosed the granting of equity awards to its key executives. These awards include restricted share units and performance-based units, which are part of the company’s long-term incentive plan. The units will vest over a three-year period, with actual shares earned dependent on specific performance metrics. Additionally, Citi analyst Benjamin Gerlinger raised the price target for Pinnacle Financial to $148, citing the company’s strong loan growth and strategic hiring practices. Gerlinger reiterated a Buy rating, highlighting Pinnacle Financial’s potential for continued growth in the regional banking sector. The analyst emphasized confidence in the company’s earnings outlook for 2026 and 2027. Previously, Gerlinger had increased the price target to $132, reflecting a positive outlook on the company’s growth potential over the next few years. Despite some concerns about fourth-quarter 2024 results, the analyst expects Pinnacle Financial to maintain strong performance in the long term.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.