Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Synovus Financial Corp

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

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Other institutional investors and hedge funds have also made changes to their positions in the company. Cibc World Markets Corp increased its holdings in shares of Pinnacle West Capital by 1,120.9% in the 2nd quarter. Cibc World Markets Corp now owns 181,311 shares of the utilities provider’s stock valued at $17,060,000 after acquiring an additional 166,461 shares during the last quarter. LSV Asset Management increased its holdings in shares of Pinnacle West Capital by 2.7% in the 2nd quarter. LSV Asset Management now owns 233,430 shares of the utilities provider’s stock valued at $21,963,000 after acquiring an additional 6,200 shares during the last quarter. Westpac Banking Corp grew its stake in Pinnacle West Capital by 37.2% during the 2nd quarter. Westpac Banking Corp now owns 14,169 shares of the utilities provider’s stock worth $1,333,000 after buying an additional 3,845 shares during the last quarter. IFM Investors Pty Ltd grew its stake in Pinnacle West Capital by 23.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 7,020 shares of the utilities provider’s stock worth $661,000 after buying an additional 1,350 shares during the last quarter. Finally, BP PLC bought a new position in Pinnacle West Capital during the 2nd quarter worth $1,129,000. 88.07% of the stock is currently owned by institutional investors.

PNW stock traded down $1.43 during trading on Friday, reaching $86.39. 1,362,990 shares of the company’s stock were exchanged, compared to its average volume of 981,974. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.92. Pinnacle West Capital Co. has a 1-year low of $81.63 and a 1-year high of $99.81. The company’s fifty day moving average price is $94.82 and its 200-day moving average price is $94.68. The firm has a market cap of $10.19 billion, a PE ratio of 19.03, a P/E/G ratio of 3.11 and a beta of 0.06.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.00 by ($0.23). Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm posted $2.80 EPS. The company’s revenue was down 6.1% compared to the same quarter last year. As a group, sell-side analysts expect that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal 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 given a dividend of $0.7825 per share. This represents a $3.13 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Friday, November 1st. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. Pinnacle West Capital’s payout ratio is 68.94%.

A number of research analysts recently commented on PNW shares. Credit Suisse Group upped their price objective on Pinnacle West Capital from $101.00 to $108.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Evercore ISI downgraded Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research note on Friday, August 9th. Argus upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Tuesday, July 30th. SunTrust Banks lowered their price objective on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Finally, Williams Capital restated a “hold” rating and set a $97.00 price objective (up from $87.00) on shares of Pinnacle West Capital in a research note on Monday, August 12th. Four investment 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 currently has an average rating of “Hold” and a consensus 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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