Brian Martin at FIG Partners has lowered his rating on shares of Pinnacle Financial Partners to 'market perform' from 'market outperform' following the bank holding company's Q2 profit report. Before the report, Martin's price target was $53, just a bit above where Pinnacle (Ticker: PNFP) is changing hands today. Over at SunTrust Robinson Humphrey, analysts have trimmed their price target for Nashville-based Pinnacle to $62 from $63 but maintained his 'buy' rating.
Macquarie analyst Vikas Dwivedi has launched coverage of several refining stocks with positive ratings, saying the sector will benefit from tight capacity and solid financials. Among the companies getting 'outperform' ratings is Brentwood-based Delek US Holdings. Mid-morning Tuesday, Delek (Ticker: DK) was trading at about $36.50. So far this year, they're up 34 percent.
Pinnacle Financial Partners executives plan to issue $60 million in debt to help fund their planned acquisitions of CapitalMark Bank & Trust and Magna Bank and redeem their loan with US Bank. The notes, which were priced this morning in a combo fixed-variable setup, will mature in 10 years.
Analysts at Zacks Investment Research have hiked their rating on shares of Pinnacle Financial Partners. They now rate the Nashville-based bank holding company a 'buy' instead of a 'hold' and see the shares climbing to $59 in the coming quarters. Pinnacle (Ticker: PNFP) ended last week at $53.10.
At Macquarie, Laurent Vasilescu and Stephanie Wakeham have begun covering shares of apparel retailer Genesco with a 'neutral' rating that balances the strong performance at the company's Journeys brand with the struggles of its Lids concept. Their target for Genesco (Ticker: GCO) is $69, about 10 percent higher than where the stock finished Friday's session.
Prominent regional business executive Gaylon Lawrence has agreed to buy F&M Bank in Clarksville, which has about $860 million in assets and last year produced $5.3 million in profits. Click here to read more at The Leaf-Chronicle courtesy of Jimmy Settle, who talked to an upbeat F&M President and CEO Sammy Stuard.
“Through this merger the bank stays fully intact in Clarksville, Tenn. There are going to be no changes in employment or anything,” Stuard said. “Actually, nothing changes except the owner. Our existing board of directors also stays intact, although there may be some additions to the board over time.
Lawrence also is a backer of Tennessee Bank & Trust in Williamson County and is helping John Eakin build his 1201 Demonbreun office tower in The Gulch.