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.
Shares of Pinnacle Financial Partners got a nice endorsement Tuesday from SunTrust Robinson Humphrey. The firm initiated coverage of the largest Nashville-based bank with a 'buy' rating and a Street-high $42 price target — and this is after Pinnacle (Ticker: PNFP) had climbed this year from about $32.50 to $37.50.
New York boutique firm Monness Crespi & Hardt this week launched coverage of the hospital sector with a mix of 'neutral' and 'buy' ratings. In the former basket are local player LifePoint Hospitals as well as Tenet Healthcare and Universal Health Services, the (somewhat) recent buyers of Vanguard Health Systems and Psychiatric Solutions, respectively. Blessed with 'buy' ratings are the industry's top two, HCA Holdings and Community Health Systems. The Monness Crespi & Hardt analysts see HCA (Ticker: HCA) climbing to $63 from about $52 and CHS (Ticker: CYH) moving to $51 from its current levels around $39.
With all the talk on TV and online about a potential market top, you can't really argue with executives and directors who think it's a good idea to cash in a few of their chips. That's what Pinnacle Financial Partners Chief Administrative Officer Hugh Queener and LifePoint Hospitals directors John Maupin and Marguerite Kondracke did this week. Queener sold more than $310,000 worth of his Pinnacle stock on Tuesday, a day before spending $175,000 to exercise a bunch of options that would have expired next month. Maupin and Kondracke, meanwhile, each pocketed more than $100,000 by selling 2,000 of their LifePoint shares. They both still own more than 20,000 shares of the Brentwood-based company.
Wunderlich Securities analyst Kevin Reynolds has taken note of the very nice run Pinnacle Financial Partners has had in recent months and downgraded shares of the largest bank headquartered in the Nashville area to 'hold' from 'buy.' It's a simple valuation call: Reynolds says Pinnacle (Ticker: PNFP) deserves to trade at a multiple to its peers but that it would be getting ahead of itself if it traded higher than its current level of $37.
Seth Basham at Wedbush has formally launched his coverage of Tractor Supply with an 'outperform' rating and a price target of $80. That leaves investors an upside of about 10 percent from the stock's (Ticker: TSCO) current level.
Two of Middle Tennessee's more prominent stocks hit new longtime highs Tuesday on the back of a broader market rally based on an easing in the Ukraine crisis. The region's most valuable company, HCA Holdings, hit $52.49 in early trading, its highest level since going public again almost four years ago. The company is now worth more than $22.7 billion. Over in the banking sector, investors in Pinnacle Financial Partners saw their holdings climb more than 4 percent to top $37 for the first time since September of 2006. The largest bank headquartered in Music City has been rallying steadily for more than a year is now valued at a little more than $1.3 billion.
Pinnacle Financial Partners plans to add to its retail network in Knoxville this year with the building of a branch scheduled to open in the second half. Execs have their eyes on a site in the Powell area northwest of downtown but have not yet closed on their purchase. The office will be Pinnacle's fifth in Knoxville, where it first began doing business in 2007 and where it now ranks sixth in deposit market share. The company (Ticker: PNFP) also is adding 2,000 square feet of space to its main Knoxville office on Northshore Boulevard. The new office will house employees of its trust and Pinnacle Asset Management groups as well as client advisors.
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