Harold R. Carpenter, the Executive Vice President and Chief Financial Officer of Pinnacle Financial Partners Inc. (NASDAQ:PNFP), has recently sold a portion of his holdings in the company. The transaction comes as Pinnacle Financial shows strong momentum, with the stock up 64% over the past six months and trading near its 52-week high of $131.91. According to a filing with the Securities and Exchange Commission, Carpenter sold 3,051 shares of Pinnacle Financial common stock on December 9, 2024. The shares were sold at a weighted average price of $125.57, generating total proceeds of approximately $383,114. Based on InvestingPro analysis, the stock is currently fairly valued, with a market capitalization of $9.26 billion.
Following this transaction, Carpenter retains direct ownership of 60,805 shares in the company. Additionally, he holds 13,359 shares indirectly through a 401(k) plan. The sale was part of a series of transactions executed at prices ranging from $125.41 to $125.62 per share. For deeper insights into insider transactions and comprehensive financial analysis, including 7 additional ProTips about PNFP's performance, visit InvestingPro.
In other recent news, Pinnacle Financial Partners has been the subject of noteworthy developments. The bank received a price target increase from Citi, raising it to $123.00 from $113.00, reflecting Citi's confidence in Pinnacle Financial's growth prospects, particularly due to the recent hiring of a team of relationship managers. Citi anticipates robust loan growth for the bank into 2025 and 2026, despite a potential environment of lower interest rates.
On the earnings front, Pinnacle Financial reported strong third-quarter results, including significant growth in loans, deposits, and earning assets. The company adjusted its 2024 loan growth expectation to 7%-8% and raised fee revenue expectations to 23%-26%. A notable highlight was the improvement of the net interest margin to 3.22%.
Pinnacle Financial's management expressed optimism about the 2025 outlook, driven by strategic hiring and market positioning. The company anticipates substantial balance sheet growth in 2025 and 2026, supported by ongoing consolidation efforts and expansion into new markets. Despite challenges due to the current inverted yield curve, Pinnacle's leadership remains confident in their balanced approach and ability to navigate market conditions.
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