Synovus Financial Corp Grows Position in Duke Energy Corporation $DUK

Synovus Financial Corp raised its holdings in Duke Energy Corporation (NYSE:DUK) by 5.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 149,310 shares of the utilities provider’s stock after acquiring an additional 7,494 shares during the period. Synovus Financial Corp’s holdings in Duke Energy were worth $18,479,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of DUK. Legacy Investment Solutions LLC purchased a new position in shares of Duke Energy during the 2nd quarter worth $28,000. Access Investment Management LLC acquired a new position in shares of Duke Energy in the 2nd quarter worth approximately $31,000. Anfield Capital Management LLC increased its holdings in Duke Energy by 2,608.3% in the 2nd quarter. Anfield Capital Management LLC now owns 325 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 313 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Duke Energy in the third quarter valued at approximately $39,000. Finally, Total Investment Management Inc. acquired a new stake in shares of Duke Energy in the second quarter valued at $46,000. Hedge funds and other institutional investors own 65.31% of the company’s stock.

Duke Energy Price Performance

DUK opened at $125.23 on Thursday. Duke Energy Corporation has a fifty-two week low of $110.95 and a fifty-two week high of $130.03. The firm has a market cap of $97.39 billion, a price-to-earnings ratio of 19.82, a price-to-earnings-growth ratio of 2.75 and a beta of 0.51. The company’s 50-day moving average price is $119.39 and its 200 day moving average price is $121.92. The company has a quick ratio of 0.33, a current ratio of 0.55 and a debt-to-equity ratio of 1.54.

Duke Energy (NYSE:DUK) last announced its quarterly earnings data on Monday, February 9th. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.01. Duke Energy had a net margin of 15.41% and a return on equity of 9.66%. The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter in the previous year, the company posted $1.66 EPS. As a group, sell-side analysts expect that Duke Energy Corporation will post 6.33 earnings per share for the current year.

Duke Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 13th will be given a dividend of $1.065 per share. This represents a $4.26 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, February 13th. Duke Energy’s payout ratio is presently 67.41%.

Analyst Upgrades and Downgrades

DUK has been the subject of several analyst reports. Morgan Stanley reiterated an “underperform” rating and set a $130.00 price target on shares of Duke Energy in a report on Wednesday, January 21st. BMO Capital Markets reissued an “outperform” rating and set a $136.00 price objective on shares of Duke Energy in a research note on Wednesday, February 11th. Scotiabank lifted their price objective on Duke Energy from $137.00 to $146.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, December 16th. UBS Group reduced their target price on Duke Energy from $135.00 to $126.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Duke Energy in a research report on Monday, December 29th. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Duke Energy presently has an average rating of “Moderate Buy” and an average target price of $135.19.

Insider Transactions at Duke Energy

In related news, CEO Louis E. Renjel sold 6,800 shares of Duke Energy stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $127.67, for a total transaction of $868,156.00. Following the completion of the sale, the chief executive officer owned 22,007 shares of the company’s stock, valued at approximately $2,809,633.69. This trade represents a 23.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Duke Energy Profile

Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company’s core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.

Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.