Wunderlich lures more from Morgan Keegan
Wunderlich Securities is feasting on the fallout from Raymond James' acquisition of Morgan Keegan. The Memphis-based company has recruited three senior VPs in Memphis and another in Dallas. News of their moves comes less than a week after another six people in Memphis and New York made the move.
May 2, 2012 8:43 AM
More Morgan Keegan exits
Six professionals formerly with Morgan Keegan have left the firm for Wunderlich Securities. Four of the people moving on after Raymond James bought Morgan Keegan from Regions Financial are in Memphis, and the other two are in the Big Apple. The moves come shortly after senior Morgan Keegan officials in Nashville and Boston left the company for other pastures.
“Further expansion of equity capital markets and to our private client group is likely, in part because of all the excellent talent that has become available,” Wunderlich said.
Apr 30, 2012 11:22 AM
Analysts hike Pinnacle targets
We have not changed our investment thesis since initiating in mid-year that FY10 would be a transition year as credit issues peaked; however, the rebound is occurring faster after the credit catharsis in 2Q10 and a pick-up in the economy in 2H10. Also, valuations for quality banks that are perceived as potential sellers have risen with recent M&A activity.At Wunderlich Securities, Kevin Reynolds also has raised his price target for Pinnacle. Reynolds also hiked his rating from 'hold' to 'buy' and now has a target of $18, up from $14. Shares of Pinnacle (Ticker: PNFP) are up some 6 percent this morning to about $15.20.
Jan 20, 2011 10:06 AM
Analyst action: Pinnacle, First Horizon
Another analyst covering Pinnacle Financial Partners has cut his rating on shares of the Nashville bank holding company. Kevin Reynolds at Wunderlich Securities now has the stock at 'hold' instead of 'buy,' although he has raised his price target slightly to $14. Pinnacle (Ticker: PNFP) has rallied more than 25 percent in the past month. There's a chance, according to the banking team at Guggenheim Securities, that First Horizon shares will take a hit at some point this year because they'll be removed from the benchmark Standard & Poor's 500 index. Scanning their coverage universe, David Darst, Jeff Davis and Marty Mosby say recent merger activity will open the index's doors to a few other banks. The $3.1 billion market cap of First Horizon, they note, is the smallest for a bank in the S&P 500 and is much more in line with the midcap S&P 400. Shares of First Horizon (Ticker: FHN) are up about 7 percent in the past three months. Jan 5, 2011 11:14 AM
Most analysts don't see Pinnacle dip as buying opportunity
Two analysts downgraded shares of Pinnacle Financial Partners yesterday after the biggest Nashville-based bank holding company reported a disappointing first quarter. At Wunderlich Securities, Kevin Reynolds now rates the stock (Ticker: PNFP) a 'hold,' while Raymond James analyst Michael Rose has lowered his rating from 'strong buy' to 'market perform.' On the other hand of the spectrum, though, is Peyton Green of Sterne Agee, who has raised his price target for Pinnacle to $18.50, 10 percent above its Tuesday close. Green says the company is a recovery play that will soon show improving credit quality. Apr 21, 2010 7:19 AM
Analyst action: Pinnacle, Synovus
Two of Nashville's banking players were on the end of different analyst moves Friday. B. Riley & Co. lowered its rating on shares of Pinnacle Financial (Ticker: PNFP) to 'hold' based on its valuation while Wunderlich Securities upgraded Synovus Financial (Ticker: SNV) to 'hold' and raised its price target to $3.50. UPDATE: Paul Miller at FBR disagrees on Synovus Mar 29, 2010 9:48 AM
Analyst action: Healthways, Pinnacle, Synovus
Oct 26, 2009 12:46 PM
Analyst action: Cracker Barrel, regional banks
MKM Partners analyst Steve Anderson has lifted his rating for Cracker Barrel shares (Ticker: CBRL) to 'buy' from 'neutral.' He's also raised his price target from $24 to a whopping $41, a good 25 percent above the stock's level today, which is itself almost double its price of two months ago. Anderson last month said CBRL is set for a strong couple of quarters. The recent run in regional bank stocks has analysts at Sterne Agee saying we should cool our jets a bit. They've downgraded shares of First Horizon (Ticker: FHN) and SunTrust (Ticker: STI) to 'neutral' from 'buy.' Still, their price targets of $14 and $20, respectively, are about 30 percent above the stocks' current levels. And staying in regional bank country, Wunderlich Securities has trimmed its price target for Green Bankshares (Ticker: GRNB) from $11 to $9.5. Apr 20, 2009 1:58 PM
Wunderlich hikes Pinnacle target
From a report issued today:Pinnacle Financial Partners (PNFP - Buy Rated, $29 price target) - Raising our price target on shares of Pinnacle Financial Partners from $26 to $29, reflecting higher industry valuations on TBV/share and our confidence in the company's ability to grow TBV/share over the coming years. Our new price target approximates 2.2 times our 2009 TBV/share estimate of $13.31, a well-deserved premium to regional and community banks in our research universe.Pinnacle shares (Ticker: PNFP) are up almost 8 percent today, but still below where they spent much of the second half of '08.
Mar 26, 2009 2:19 PM
Analyst action: First Horizon, LP
The banking team at Wunderlich Securities has lifted its price targets for a number of regional banks in the South and Southeast. Among them is First Horizon, which now has a $14 target. First Horizon shares (Ticker: FHN) are up slightly this morning and are trading around $10.60. Over at Scotia Capital, analysts have lowered their opinion of Louisiana-Pacific shares (Ticker: LPX) from 'sector perform' to 'underperform.' Mar 26, 2009 9:04 AM
