Michael Rose at Raymond James thinks Pinnacle Financial Partners shares are ready to take a breather after running up almost 70 percent so far this year. On the heels of the bank's Q3 profits report, he has downgraded Pinnacle to 'market perform' from 'outperform.' His price target of $30 is about 5 percent below where the stock (Ticker: PNFP) is trading early this morning.
Headed in the other direction with shares of Ryman Hospitality Properties is Patrick Scholes at SunTrust Robinson Humphrey. Scholes has hiked his rating on the Nashville-based real estate investment trust to 'neutral' from 'underweight' but kept his price target at $34. Scholes' downgrade early this year took a while to look good as Ryman (Ticker: RHP) climbed above $45 but he nailed its eventual drop into the mid-$30s, where the stock has spent a lot of time since early June.
The editors of Fortune have compiled their 2013 list of the country's best workplaces, and local bank holding company Pinnacle Financial Partners features proudly on the small and medium-size category ranking. Check out Pinnacle's blurb here and the full list here.
Pinnacle Financial Partners has recruited two people from BB&T, including a business lender with 10 years of local experience. Josh Marsh and Cynthia Kiel both will work from Pinnacle’s downtown Nashville office.
Marsh has joined Pinnacle as a senior vice president and financial advisor. At BB&T, he was a VP and business services officer for its commercial banking divisions in Knoxville and Nashville. He is past committee chair for United Way of Greater Knoxville’s annual allocations process and has also served as a United Way loaned executive.
Kiel has 28 years of financial services experience and has joined Pinnacle as financial advisor assistant. Previously, she was a business services assistant at BB&T and a branch operations manager at the former First American National Bank.
Analyst Kevin Reynolds at Wunderlich Securities has raised his rating on shares of Pinnacle Financial Partners to 'buy' from 'hold' and his price target to $34 from $31. The move comes a month after Pinnacle reported strong second-quarter numbers and executives said the company would be able to sustain a regular dividend payment along with its growth. Reynolds says there's a good chance Pinnacle will comfortably top the Street's 2014 profit estimate. His $34 target leaves almost 20 percent of upside for Pinnacle (Ticker: PNFP), which already has climbed more than 50 percent this year.