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Stock Market & Financial Investment News

News Breaks
January 23, 2014
09:24 EDTPNFPPinnacle Financial upgraded to Outperform from Sector Perform at Portales
News For PNFP From The Last 14 Days
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January 29, 2016
10:05 EDTPNFPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Atlassian (TEAM) upgraded on positive outlook at JMP Securities... BRF S.A. (BRFS) upgraded to Buy from Hold at Deutsche Bank... Bank of America (BAC) upgraded to Outperform from Sell at CLSA... CEMEX (CX) upgraded to Buy from Hold at Jefferies... Chemical Financial (CHFC) upgraded to Outperform from Market Perform at Fig Partners... Computer Programs (CPSI) upgraded to Buy from Hold at Topeka... DST Systems (DST) upgraded to Outperform at Baird... Diamond Offshore (DO) upgraded to Neutral from Sell at Citi... First Cash Financial (FCFS) upgraded to Buy from Neutral at Janney Capital... First Merchants (FRME) upgraded to Overweight from Equal Weight at Stephens... Flex (FLEX) upgraded on solid results at Stifel... Intercept (ICPT) upgraded to Equal Weight from Underweight at Morgan Stanley... J.C. Penney (JCP) upgraded to Neutral from Underperform at Credit Suisse... JetBlue (JBLU) upgraded to Buy from Hold at Evercore ISI... Juniper (JNPR) upgraded to Outperform from Market Perform at Bernstein... Live Oak Bancshares (LOB) upgraded to Buy from Neutral at SunTrust... Microsemi (MSCC) upgraded to Outperform from Market Perform at Wells Fargo... NetSuite (N) upgraded to Buy from Hold at Canaccord... NextEra Energy (NEE) upgraded to Outperform at Baird... Oshkosh (OSK) upgraded to Buy from Neutral at SunTrust... PC Connection (PCCC) upgraded to Market Perform from Underperform at Raymond James... Pinnacle Financial (PNFP) upgraded to Overweight from Equal Weight at Stephens... Potash (POT) upgraded to Outperform from Sector Perform at Scotiabank... Rayonier (RYN) upgraded on valuation at BMO Capital... SanDisk (SNDK) upgraded to Buy from Hold at Needham... Select Comfort (SCSS) upgraded to Outperform from Neutral at Wedbush... Sotherly Hotels (SOHO) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Outperform from Market Perform at Northland... Valley National (VLY) upgraded to Buy from Hold at Sandler O'Neill.
08:01 EDTPNFPPinnacle Financial to host conference call
Conference call to discuss agreement to merge with Avenue Financial Holdings will be held on January 29 at 9:30 am. Webcast Link
07:29 EDTPNFPPinnacle Financial upgraded to Overweight from Equal Weight at Stephens
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January 28, 2016
17:59 EDTPNFPAvenue Financial signs agreement to merge into Pinnacle Financial
Pinnacle Financial (PNFP) and Avenue Financial (AVNU) signed a definitive agreement for Avenue to merge into Pinnacle. The proposed merger of Avenue with and into Pinnacle has been approved unanimously by each company's board and is expected to close either late in Q2 or early in Q3. Avenue's bank subsidiary, Avenue Bank, and Pinnacle Bank are expected to merge simultaneously with the merger of the respective parent companies. Ron Samuels, Avenue's CEO, will be named vice chairman of Pinnacle's board once the acquisition is consummated. Under the terms of the merger agreement, Avenue shareholders will receive 0.36 shares of Pinnacle's common stock and $2.00 in cash for every Avenue share. At closing, Avenue shareholders will own approximately 8.1% of the combined firm on a fully diluted basis. The transaction is currently valued at approximately $201.4M. In addition to the merger consideration, Pinnacle will assume $20.0M of subordinated debt previously issued by Avenue. Avenue had approximately $1.162B in total assets, $865.3M in loans and $969.6M in deposits as of Dec. 31, 201. Avenue's tangible book value per common share approximated $8.91 per common share as of Dec. 31, 2015. Pinnacle reported total assets of $8.7B and total deposits of nearly $7.0B as of Dec. 31, 2015. Upon consummation of the merger, Kent Cleaver, Avenue's COO, will become a member of Pinnacle's Senior Leadership Team along with Samuels. Systems conversions are scheduled to be completed during Q3 or Q4. Until that time, Avenue will continue to operate under its current brand as a division of Pinnacle Bank once the merger is consummated. The transaction is expected to be Immediately accretive to operating earnings.

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