4/A: Pinnacle Financial Partners Director Amends SEC Filing to Correct Transaction Code
SEC Filing Amendment
Robert A. McCabe Jr., a director at Pinnacle Financial Partners, filed an amended SEC Form 4 to correct a transaction code error related to the retention of shares for tax withholding upon vesting of performance units.
Summary
- Robert A. McCabe Jr., a director at Pinnacle Financial Partners Inc. (PNFP), filed an amendment to a previously submitted Form 4 with the SEC.
- The amendment corrects a transaction code error related to the retention of PNFP common stock to cover withholding taxes due upon the vesting of performance units.
- The original filing on March 14, 2024, incorrectly used transaction code 'S', which has been corrected to 'F' in this amended filing.
- On March 12, 2024, 22,857 shares were retained by Pinnacle Financial Partners at a price of $82.22 to cover these taxes.
- Following the reported transaction, McCabe directly owns 268,311 shares of PNFP common stock.
Sentiment
Score: 7
Explanation: The document is a routine correction of a regulatory filing. It doesn't indicate any fundamental change in the company's financial health or prospects, but transparency is generally viewed positively.
Industry Context
This filing is a routine disclosure related to insider transactions and is required by the SEC to ensure transparency in the market. It does not necessarily indicate a broader trend within the financial industry.
Comparison to Industry Standards
- SEC Form 4 filings are standard practice for publicly traded companies and their insiders.
- The correction of a transaction code is not uncommon and does not suggest any significant deviation from industry norms.
- Comparable companies such as Truist Financial (TFC) and Regions Financial (RF) also regularly file similar forms for their executives and directors.
Stakeholder Impact
- The correction of the filing ensures accurate information is available to shareholders.
- The transaction itself (retention of shares for tax withholding) has a neutral impact on stakeholders.
Key Dates
| Date | Description |
|---|---|
| 03/12/2024 | Date of the transaction where shares were retained by the company for tax withholding. |
| 03/14/2024 | Date of the original Form 4 filing with the incorrect transaction code. |
| 03/29/2024 | Date of the amended Form 4/A filing. |
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