Analyst Stephen Scouten at Sandler O'Neill has raised his rating on shares of Pinnacle Financial Partners to 'buy' from 'hold' after the bank holding company reported its second-quarter numbers. The move by Scouten is based on the valuation of Pinnacle, which is off about 10 percent from its recent highs (Ticker: PNFP) but is still up about 15 percent so far in 2014.
Kevin Reynolds at Wunderlich Securities has raised his price target for shares of Pinnacle Financial Partners to $40 from $37 after the bank holding company reported its Q2 numbers. Reynolds says investors shouldn't put too much stock in the earnings beat because of a smaller loan loss provision, but he nonetheless likes Pinnacle's long-term prospects. Pinnacle shares (Ticker: PNFP) closed Thursday trading at $36.05 and are up 11 percent so far in 2014.
At Robert W. Baird, analyst Richard Eastman has hiked his rating on Clarcor shares to 'outperform' from 'neutral,' citing better fundamentals, the benefit of recent acquisitions and a decent valuation. He sees Clarcor (Ticker: CLC), which closed Thursday at $60.46, climbing to $67 in the coming quarters.
Pinnacle Financial Partners has named Pamela Holmes vice president and credit advisor for the bank's small business advisory group.
Holmes previously served at Franklin Synergy Bank as a credit analyst.
The company also has named Justin Shores service specialist for its Royal Oaks office in Franklin.
Shores previously served as a personal banker with SunTrust Bank and First Tennessee Bank as a financial services representative.
Pinnacle Financial Partners has recruited a senior vice president and office leader for one of its two Lebanon offices. Vanessa Spickard has joined downtown-based Pinnacle with 12 years of industry experience and after working as branch manager of SunTrust Bank’s Mt. Juliet office. She has taken over the leadership of Pinnacle's West Baddour office from Carol Ann Griffin, who is returning to her financial advisor role full-time after seven years.
“Vanessa’s experience and local involvement will be great assets as she demonstrates our commitment to clients and the community,” said Lee Campbell, Pinnacle’s area manager for Wilson County. “We’re delighted to have her on board.”
Pinnacle runs four offices in Wilson County and has a 13 percent deposit market share.
Analyst Brian Martin at FIG Partners on Wednesday morning hiked his rating on shares of Pinnacle Financial Partners to 'outperform' from 'market perform' and pegged his price target at $39. That leaves more than 10 percent of upside for Pinnacle, which on Tuesday reported first-quarter results that set a number of records. The downtown-based bank holding company's shares (Ticker: PNFP) ended Wednesday trading at $35.29 and are up about 8 percent this year.