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

Synovus Financial Corp raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,585 shares of the utilities provider’s stock after purchasing an additional 229 shares during the quarter. Synovus Financial Corp’s holdings in Pinnacle West Capital were worth $672,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. grew its stake in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Pinnacle West Capital during the 3rd quarter valued at approximately $43,000. Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital during the 2nd quarter valued at approximately $52,000. Finally, First Horizon Advisors Inc. grew its position in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.1 %

Shares of Pinnacle West Capital stock opened at $86.10 on Wednesday. The business’s fifty day moving average price is $89.65 and its two-hundred day moving average price is $85.60. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a market capitalization of $9.79 billion, a P/E ratio of 16.31, a PEG ratio of 2.10 and a beta of 0.54. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research report on Wednesday, December 4th. Finally, Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $84.65.

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.