Real estate data firm CoreLogic says the percentage of Nashville-area home loans that are at least 90 days behind fell in May to 3.08 percent from 3.15 percent the month before and 3.95 percent in May of 2013. If recent trends hold, the delinquency rate will be well below 3 percent by summer's end and about half its number during the peak of the Great Recession.
Similarly, CoreLogic says the Nashville MSA's foreclosure rate dipped to 0.53 percent from 0.57 percent in April and 1.02 percent a year earlier. That number peaked just under 2 percent in early 2011.
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.
It looks like Nashville was kind to First Tennessee Bank in the second quarter. The bank's parent company, First Horizon National Corp., said its Middle Tennessee loan book grew by 8 percent in the three months ended June 30. That was double the company's overall growth rate.
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.
A West Coast bank is adding a Nashville-based managing director to its newly expanded health care banking division.
Irvine, California-based Opus Bank has hired Gregory Ratliff as a managing director of health care banking. Ratliff joins the company from Regions Bank, where he served as relationship manager of corporate health care. Previously, he served as senior vice president and chief credit officer of US Bank's health care division.
Ratliff will join the bank's provider group and focus on client relationships across all health care sectors. Opus also hired Frank Balkum, based in Tampa, to the bank's practice group.
"The additions of [Ratliff and Balkum] complement our current West Cost-based health care banking team and enable Opus to better provide banking services to health care providers, practices, professionals, organizations, manufacturers and investors nationwide," Michael Allen, Opus co-president, said in a release.