Richard D. Callicut II, Chairman of the Carolinas and Virginia at Pinnacle Financial Partners Inc. (NASDAQ:PNFP), has sold 4,913 shares of the company's common stock. The regional bank, with a market capitalization of $9.25 billion, has seen its stock surge over 62% in the past six months, reaching near its 52-week high of $131.91. The shares were sold for a total of $617,367 at a price of $125.66 each. Following this transaction, Callicut holds 83,303 shares directly and 12,000 depositary shares indirectly. Each depositary share represents a 1/40th interest in Pinnacle's 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B. The company has maintained dividend payments for 12 consecutive years, currently yielding 0.73%. InvestingPro analysis reveals 8 additional key insights about PNFP's financial health and growth prospects, available in the comprehensive Pro Research Report.
In other recent news, Pinnacle Financial Partners has been making notable strides in its financial performance and growth trajectory. The company recently reported strong third-quarter results, with loans increasing by an annualized 6.4% and deposits growing by $887 million. Pinnacle Financial has also adjusted its 2024 loan growth expectation to 7%-8% and raised its fee revenue expectations to 23%-26%.
Citi, an independent analyst firm, has responded to these developments by increasing its price target for Pinnacle Financial from $113 to $123, maintaining a Buy rating on the stock. This adjustment reflects Citi's confidence in the bank's growth prospects, especially due to the recent hiring of a strong team of relationship managers. Despite a slight decrease in the Net Interest Margin (NIM) outlook, Citi expects Pinnacle Financial to experience robust loan growth into 2025 and 2026.
These recent developments demonstrate Pinnacle Financial's commitment to its long-term growth strategy. The company anticipates substantial balance sheet growth in 2025 and 2026, supported by ongoing consolidation efforts and expansion into new markets. Pinnacle Financial's focus remains on relationship banking, strategic hiring, and maintaining its status as an employer of choice, all of which contribute to its consistent growth model and strong financial performance.
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