Synovus Financial Corp Has $718,000 Stock Position in Pinnacle West Capital Corporation $PNW

Synovus Financial Corp reduced its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 1.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,539 shares of the utilities provider’s stock after selling 130 shares during the quarter. Synovus Financial Corp’s holdings in Pinnacle West Capital were worth $718,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in PNW. Nuveen LLC acquired a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $99,364,000. Merewether Investment Management LP acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth approximately $69,233,000. Two Sigma Advisers LP boosted its holdings in shares of Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after purchasing an additional 750,700 shares during the period. Deutsche Bank AG boosted its holdings in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after purchasing an additional 610,042 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in shares of Pinnacle West Capital by 133.4% during the fourth quarter. Two Sigma Investments LP now owns 961,616 shares of the utilities provider’s stock worth $81,516,000 after purchasing an additional 549,637 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the company an “outperform” rating in a research report on Thursday, August 21st. UBS Group reaffirmed a “neutral” rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Finally, BMO Capital Markets raised their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $97.22.

Pinnacle West Capital Trading Up 0.5%

NYSE:PNW opened at $90.39 on Thursday. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 9.29 and a beta of 0.38. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The company’s 50 day moving average is $90.96 and its 200-day moving average is $91.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm posted $1.76 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 73.81%.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.