Pinnacle Financial Partners Chairman Rob McCabe this week sold almost 10 percent of his shares in the downtown-based bank holding company for about $1.7 million. McCabe, who helped launch Pinnacle in 2000, also exercised a batch of options that would have expired in January for about $470,000 and said he is holding on to those. He still owns more than $16 million worth of Pinnacle stock.
Separately, Pinnacle CAO Hugh Queener on Tuesday sold about $110,000 worth of shares.
SEE ALSO: Other notable recent insider trades from execs at Brookdale and the area's largest hospital companies
The 2014 edition of the Invest Tennessee Equity Conference is about six weeks away and the preliminary list of companies that will present includes five based in the Nashville area. They are Corrections Corp. of America, Delek US Holdings, Healthcare Realty Trust, Pinnacle Financial Partners and Tractor Supply. The latter is one of two members of the Fortune 500 to present. The other ships a lot of stuff out of Memphis.
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.
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