Synovus Financial Corp Increases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Synovus Financial Corp grew its position in Pinnacle West Capital Co. (NYSE:PNW) by 28.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,500 shares of the utilities provider’s stock after buying an additional 1,000 shares during the quarter. Synovus Financial Corp’s holdings in Pinnacle West Capital were worth $437,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PNW. Nuveen Asset Management LLC purchased a new position in shares of Pinnacle West Capital in the second quarter valued at $119,834,000. AQR Capital Management LLC increased its position in Pinnacle West Capital by 24.2% during the 2nd quarter. AQR Capital Management LLC now owns 2,900,739 shares of the utilities provider’s stock worth $272,931,000 after purchasing an additional 565,847 shares in the last quarter. Vanguard Group Inc. increased its position in Pinnacle West Capital by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 13,835,051 shares of the utilities provider’s stock worth $1,301,740,000 after purchasing an additional 460,562 shares in the last quarter. Wells Fargo & Company MN increased its position in Pinnacle West Capital by 30.4% during the 2nd quarter. Wells Fargo & Company MN now owns 1,572,947 shares of the utilities provider’s stock worth $147,998,000 after purchasing an additional 366,298 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Pinnacle West Capital by 68.8% during the 2nd quarter. First Trust Advisors LP now owns 878,965 shares of the utilities provider’s stock worth $82,702,000 after purchasing an additional 358,171 shares in the last quarter. Institutional investors and hedge funds own 88.07% of the company’s stock.

PNW traded down $1.43 during midday trading on Friday, hitting $86.39. The company’s stock had a trading volume of 1,362,990 shares, compared to its average volume of 981,974. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.92. The firm has a market cap of $10.19 billion, a P/E ratio of 19.03, a PEG ratio of 3.11 and a beta of 0.06. The firm has a 50-day moving average price of $94.82 and a two-hundred day moving average price of $94.68. Pinnacle West Capital Co. has a 52-week low of $81.63 and a 52-week high of $99.81.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $2.77 EPS for the quarter, missing the consensus estimate of $3.00 by ($0.23). The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.80 EPS. On average, equities analysts expect that Pinnacle West Capital Co. will post 4.75 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.7825 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date is Friday, November 1st. This represents a $3.13 annualized dividend and a yield of 3.62%. Pinnacle West Capital’s payout ratio is 68.94%.

PNW has been the subject of a number of recent research reports. Zacks Investment Research cut Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 price objective for the company. in a research report on Friday, October 18th. ValuEngine cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley dropped their price objective on Pinnacle West Capital from $95.00 to $87.00 and set an “underweight” rating for the company in a research report on Friday. Wells Fargo & Co reiterated a “hold” rating on shares of Pinnacle West Capital in a research report on Friday, August 9th. Finally, SunTrust Banks dropped their price objective on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $95.83.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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