Richard D. Callicut II, the Chairman of Carolinas & Virginia at Pinnacle Financial Partners Inc. (NASDAQ:PNFP), recently sold a significant portion of his holdings in the company. According to a recent filing, Callicut sold 4,913 shares of Pinnacle Financial's common stock at a price of $125.66 per share, totaling approximately $617,367.
Following this transaction, Callicut retains ownership of 83,303 shares directly, along with 12,000 depositary shares, which each represent a 1/40th interest in the company's 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B. These depositary shares were acquired through an underwritten public offering. According to InvestingPro data, Pinnacle Financial maintains a market capitalization of $9.3 billion and has consistently paid dividends for 12 consecutive years, demonstrating strong shareholder returns.
This move comes as Callicut continues his role as a key executive within the company, where he serves as both a director and officer. The company currently trades at a P/E ratio of 23.1, with analysts projecting continued profitability for the year ahead. For deeper insights into PNFP's valuation and performance metrics, investors can access comprehensive analysis through the Pro Research Report available on InvestingPro.
In other recent news, Pinnacle Financial Partners has been the subject of multiple significant developments. The company reported strong third-quarter results, with loans increasing by 6.4% annualized and an $887 million growth in deposits. Pinnacle Financial also adjusted its 2024 loan growth expectation to 7%-8% and raised fee revenue expectations to 23%-26%. Additionally, the company anticipates substantial balance sheet growth in 2025 and 2026.
In another development, Pinnacle Financial received a price target increase from Citi, lifting it to $123.00 from $113.00, reflecting Citi's confidence in the company's growth prospects. Despite a slight decrease in the Net Interest Margin (NIM) outlook, robust loan growth is expected for Pinnacle Financial into 2025 and 2026.
These recent developments underscore Pinnacle Financial's strong performance and potential for future growth. However, Citi anticipates limited expansion in the bank's NIM until there is an increase in the long end of the interest rate curve. Despite this, the overall financial health and growth potential of Pinnacle Financial remain strong according to Citi's analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.