Following these transactions, McCabe's direct and indirect holdings in Pinnacle Financial include 132,325 shares held by the McCabe Family 2020 GST Exempt Trust, among other holdings. Pinnacle Financial Partners (NASDAQ:PNFP), headquartered in Nashville, Tennessee, operates as a national commercial bank, and McCabe has been a prominent figure in the company's leadership. With a market capitalization of $9.3 billion, PNFP has maintained dividend payments for 12 consecutive years. InvestingPro subscribers can access 7 additional key insights about PNFP's performance and financial health in the comprehensive Pro Research Report. With a market capitalization of $9.3 billion, PNFP has maintained dividend payments for 12 consecutive years. InvestingPro subscribers can access 7 additional key insights about PNFP's performance and financial health in the comprehensive Pro Research Report.
Following these transactions, McCabe's direct and indirect holdings in Pinnacle Financial include 132,325 shares held by the McCabe Family 2020 GST Exempt Trust, among other holdings. Pinnacle Financial Partners, headquartered in Nashville, Tennessee, operates as a national commercial bank, and McCabe has been a prominent figure in the company's leadership.
In other recent news, Pinnacle Financial Partners has been the subject of increased attention due to its robust third-quarter results and a positive adjustment in its 2024 outlook. The company reported significant growth in loans, deposits, and earning assets. Specifically, loans increased by 6.4% annualized in Q3, and deposits grew by $887 million. The company's net interest margin also improved to 3.22%.
In addition to these positive developments, Citi raised its price target for Pinnacle Financial Partners 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. Citi's analysts predict a robust loan growth for Pinnacle Financial into 2025 and 2026, despite a slight decrease in the Net Interest Margin (NIM) outlook.
These recent developments indicate a favorable trajectory for Pinnacle Financial Partners, with strong performance in its commercial real estate segments and successful expansion into North Carolina, South Carolina, and Virginia. The company continues to emphasize its commitment to strategic hiring and maintaining its status as an employer of choice, which bolsters its recruiting efforts and supports its growth strategy.
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