Form 4: Pinnacle Financial Partners Director Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Robert A. McCabe Jr., a director at Pinnacle Financial Partners, sold shares to cover tax obligations related to vesting restricted stock units.
Summary
- Robert A. McCabe Jr., a director and Chairman at Pinnacle Financial Partners, sold a total of 4,433 shares of PNFP common stock between January 18, 2025 and January 20, 2025.
- These sales were executed to cover withholding taxes due upon the vesting of restricted share units granted to Mr. McCabe in previous years.
- The sales were conducted at a price of $119.91 per share.
- Following these transactions, Mr. McCabe directly owns 148,629 shares of PNFP common stock.
- He also has indirect ownership of shares through various trusts, retirement plans, and family members.
Sentiment
Score: 5
Explanation: The document reflects a routine insider transaction for tax purposes, which is neither positive nor negative for the company's outlook.
Risks
- Sales by insiders can sometimes be perceived negatively by the market, although these sales are for tax obligations.
Industry Context
Insider transactions are a normal part of corporate activity, and sales to cover tax obligations are common, especially after vesting of restricted stock units.
Comparison to Industry Standards
- Many executives at publicly traded companies sell shares to cover tax obligations when restricted stock units vest.
- The number of shares sold by Mr. McCabe is not unusual for a director of a company of Pinnacle Financial Partners' size.
- The price of $119.91 is consistent with the market price of PNFP stock at the time of the transactions.
Stakeholder Impact
- The sales may have a minor impact on the stock price, but are unlikely to have a significant effect on other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 01/18/2025 | Date of the first reported transaction where 1,571 shares were sold to cover taxes from restricted stock units vesting on January 18, 2024. |
| 01/19/2025 | Date of the second reported transaction where 1,810 shares were sold to cover taxes from restricted stock units vesting on January 19, 2023. |
| 01/20/2025 | Date of the third reported transaction where 1,052 shares were sold to cover taxes from restricted stock units vesting on January 20, 2022. |
| 01/21/2025 | Date the Form 4 was signed. |
Keywords
insider trading, Form 4, PNFP, Pinnacle Financial Partners, Robert A. McCabe Jr., stock sale, restricted stock units, tax obligations, director, beneficial ownership
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