Form 4: Pinnacle Financial Partners Director Robert A. McCabe Jr. Reports Changes in Beneficial Ownership

Robert A. McCabe Jr., a director at Pinnacle Financial Partners, reports acquisition and disposal of PNFP common stock and depositary shares related to performance unit vesting and tax obligations.

Summary

• Robert A. McCabe Jr., Chairman and Director at Pinnacle Financial Partners, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
• On February 28, 2024, McCabe acquired 50,098 shares of PNFP common stock upon the vesting of performance units granted on January 17, 2019.
• These performance units vested based on the company's performance against certain metrics for 2019, 2020, and 2021, and the NPA ratio at December 31, 2023.
• A portion of the vested shares (19,714) were retained by the company to cover withholding taxes.
• McCabe also reported indirect ownership of PNFP common stock through the McCabe Family 2020 GST Exempt Trust (173,000 shares), his 401K plan (32,287 shares), his spouse (2,652 shares), his spouse's IRA (2,370 shares), and his daughters (184 and 159 shares).
• Additionally, McCabe reported direct ownership of 20,000 depositary shares and indirect ownership of 10,000 depositary shares through his spouse.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The vesting of performance units suggests the company met its performance targets. The filing itself is a routine regulatory disclosure.

Positives

• The vesting of performance units indicates that Pinnacle Financial Partners met certain performance goals.

Industry Context

Form 4 filings are standard practice for company insiders to report changes in their ownership of company securities, providing transparency to investors.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for corporate insiders in the United States, ensuring transparency and preventing insider trading.
• Similar filings are made by executives and directors of comparable financial institutions like Truist Financial (TFC), Regions Financial (RF), and Fifth Third Bancorp (FITB) when they trade their company's stock.

Stakeholder Impact

• The vesting of performance units and subsequent stock acquisition could have a minor positive impact on shareholder sentiment, as it indicates the company achieved certain performance goals.
• The tax withholding impacts Robert A. McCabe Jr.

Key Dates