Analysts at Zacks Investment Research have hiked their rating on shares of Pinnacle Financial Partners. They now rate the Nashville-based bank holding company a 'buy' instead of a 'hold' and see the shares climbing to $59 in the coming quarters. Pinnacle (Ticker: PNFP) ended last week at $53.10.
At Macquarie, Laurent Vasilescu and Stephanie Wakeham have begun covering shares of apparel retailer Genesco with a 'neutral' rating that balances the strong performance at the company's Journeys brand with the struggles of its Lids concept. Their target for Genesco (Ticker: GCO) is $69, about 10 percent higher than where the stock finished Friday's session.
Prominent regional business executive Gaylon Lawrence has agreed to buy F&M Bank in Clarksville, which has about $860 million in assets and last year produced $5.3 million in profits. Click here to read more at The Leaf-Chronicle courtesy of Jimmy Settle, who talked to an upbeat F&M President and CEO Sammy Stuard.
“Through this merger the bank stays fully intact in Clarksville, Tenn. There are going to be no changes in employment or anything,” Stuard said. “Actually, nothing changes except the owner. Our existing board of directors also stays intact, although there may be some additions to the board over time.
Lawrence also is a backer of Tennessee Bank & Trust in Williamson County and is helping John Eakin build his 1201 Demonbreun office tower in The Gulch.
The numbers at Caterpillar Financial Services took a turn for the worse in the second quarter. The lending arm of construction equipment giant Caterpillar still posted a profit of $104 million in the three months ended June 30, but that was down 30 percent from a year earlier. Revenues slipped 6 percent to $683 million but new business fell 20 percent as most of the company's big customer groups cut back on spending.
Two firms tracking the shares of Pinnacle Financial Partners have lowered their ratings on Nashville's biggest bank company following its second-quarter profit report. Keefe Bruyette & Woods analyst Jefferson Harralson has trimmed Pinnacle to 'market perform' from 'outperform' but maintained his $54 price target. And analysts at Portales Partners have made a similar move, going to 'sector perform.' Pinnacle shares, which took a dip yesterday following the profit report, are up 1.6 percent to $55.49 (Ticker: PNFP) this morning.
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