Pinnacle Financial Partners Inc. (NASDAQ:PNFP) executive Richard D. Callicutt II, who serves as the Chairman for the Carolinas and Virginia, recently sold a significant portion of his holdings in the company. The transactions, which took place on April 26, 2024, amounted to a total of $1,134,751 in stock, with prices ranging from $81.50 to $82.25 per share.
The sales were conducted in multiple transactions within the stated price range. Specifically, Callicutt sold 13,887 shares at an average price of $81.50 and a smaller batch of 36 shares at an average of $82.25. The exact number of shares sold at each separate price within the ranges has been offered to be provided upon request by Pinnacle Financial Partners, any security holder, or the staff of the Securities and Exchange Commission.
Following these transactions, Callicutt's direct holdings in Pinnacle Financial Partners have decreased, yet he still retains a substantial stake in the company with 83,303 shares of common stock. Additionally, he holds indirect interests through 4,415 shares in a 401K and 12,000 depositary shares, each representing a 1/40th interest in a share of the issuer's preferred stock.
The sale by a high-ranking executive is of interest to investors and market watchers, as insider transactions can provide insights into an executive's view of the company's current valuation and future prospects. However, it should be noted that such sales could be part of a planned trading program or personal financial management and not necessarily indicative of the company's operational performance.
Pinnacle Financial Partners Inc., based in Nashville, Tennessee, operates as a commercial bank and provides a range of banking services. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol PNFP.
InvestingPro Insights
Pinnacle Financial Partners Inc. (NASDAQ:PNFP) has recently been in the spotlight due to executive Richard D. Callicutt II's sale of company shares. As investors consider the implications of this insider transaction, InvestingPro data and tips can provide a broader context for evaluating the company's current financial health and future potential.
InvestingPro Data shows that Pinnacle Financial Partners has a market capitalization of $6.07 billion, with a Price-to-Earnings (P/E) ratio of 11.37, closely aligned with the adjusted P/E ratio of 11.38 for the last twelve months as of Q1 2024. The company's revenue growth over the last twelve months was 6.06%, indicating a steady upward trajectory.
One of the InvestingPro Tips reveals that seven analysts have revised their earnings upwards for the upcoming period, suggesting optimism about the company's earnings potential. Additionally, Pinnacle Financial Partners has been able to maintain dividend payments for 12 consecutive years, which may be attractive to income-focused investors.
The company has had a large price uptick over the last six months, with a 32.92% total return, and a significant one-year price total return of 50.08%. This performance could signal strong investor confidence and a positive market response to the company's strategies and financial results.
Investors looking for more in-depth analysis and additional insights can find them on InvestingPro, which offers even more detailed metrics and tips. There are currently 6 additional InvestingPro Tips available for Pinnacle Financial Partners, which can be accessed at: https://www.investing.com/pro/PNFP. For those considering a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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