Raymond James analyst Michael Rose has lowered his rating on a number of the banks he covers, including Pinnacle Financial Partners. Shares of the largest bank headquartered in Nashville, Rose wrote in a note earlier this week, have climbed close to his $18 price target, which means they no longer warrant an 'outperform' rating. But the fundamental story is still a good one, he said, and a plan to repay Pinnacle's remaining TARP obligations "will be viewed positively" by investors. Pinnacle stock (Ticker: PNFP) closed Tuesday trading at $18.22 and are up about 13 percent so far this year.
Some people like to kick off their Sunday with a cup of coffee and the weekend edition of the Times. Some of us prefer to kick back with a serving of SEC filings. Here's what we found at different spots in the annual report Pinnacle Financial Partners delivered Friday afternoon to regulators.
• Terry Turner and his team plan to add more offices in the Knoxville market they entered in 2007 and where they now have three branches. Its $376 million in deposits there put it sixth in terms of market share as of last June.
• Pinnacle's lending team also wants to further emphasize owner-occupied commercial real estate loans. That category of loans accounted for almost 18 percent of the bank's total portfolio at the end of 2011.
• The bank also has begun offering in-house credit cards to select consumer clients. The company had previously used a third-party vendor.