In a bit of a delayed reaction to Pinnacle Financial Partners' second-quarter profit report, Raymond James analyst Michael Rose on Thursday morning upgraded shares of the bank holding company to 'outperform' from 'market perform.' Rose also lifted his target for Pinnacle (Ticker: PNFP) to $30, which led investors to bid the stock up above $29 for a bit this morning before retreating somewhat.
Still, Pinnacle is on course to close trading with a market cap of more than $1 billion for the first time ever. That brings to 20 the number of Middle Tennessee companies that can brag about that.
Shares of Pinnacle Financial Partners are among the few locals up in Monday trading thanks to their being added to the Nasdaq Financial-100 Index. Also part of that index are a number of Pinnacle's regional community bank peers, including Bank of the Ozarks from Little Rock and First Financial Bancorp out of Cincinnati as well as bigger industry names such as Fifth Third Bancorp, E*Trade Financial and the CME Group. At about 12:30 p.m., Pinnacle (Ticker: PNFP) was up 0.6 percent to $25.15. Year to date, they're up more than 30 percent, lifting the company's market cap to almost $900 million.
Kevin Reynolds at Wunderlich has cut his rating on shares of Pinnacle Financial Partners to ‘hold’ from ‘buy.’ The move is a valuation call and Reynolds is sticking to his $26 price target. Pinnacle shares (Ticker: PNFP) fell more than 2 percent to $25.41 Wednesday after Reynolds’ move.
Robert W. Baird analyst Mitch Kummetz on Wednesday reiterated his ‘market outperform’ rating and $77 percent on shares of Genesco ahead of the company’s earnings report Friday. Kummetz says there isn’t much room for upside to Genesco’s Q1 numbers but expects — like Avondale Partners’ Mark Montagna — that the company’s performance will pick up over the rest of year. Genesco (Ticker: GCO) ended Wednesday down about 2 percent at $67.59.
Terry Turner wasn't the only bank CEO talking about mergers and acquisitions Tuesday. Shortly after the Pinnacle Financial Partners president and CEO said he's seeing asking prices drop some, the boss of Fifth Third Bancorp told reporters in Cincinnati his team's appetite for deals is back. Kevin Kabat said he isn't yet seeing prices fall into line as much, but wants Fifth Third — which entered Middle Tennessee a decade ago by buying the former Franklin National Bank — to build its network in parts of the 12 states where it does business.