Wells Fargo & Company MN cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 25.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 553,314 shares of the utilities provider’s stock after selling 186,061 shares during the period. Wells Fargo & Company MN’s holdings in Pinnacle West Capital were worth $44,574,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Neuburgh Advisers LLC raised its stake in shares of Pinnacle West Capital by 1.2% in the 1st quarter. Neuburgh Advisers LLC now owns 57,920 shares of the utilities provider’s stock valued at $4,622,000 after acquiring an additional 672 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Pinnacle West Capital by 1.1% in the 1st quarter. Riverhead Capital Management LLC now owns 63,932 shares of the utilities provider’s stock valued at $5,102,000 after acquiring an additional 686 shares in the last quarter. ING Groep NV raised its stake in shares of Pinnacle West Capital by 7.5% in the 1st quarter. ING Groep NV now owns 11,423 shares of the utilities provider’s stock valued at $912,000 after acquiring an additional 800 shares in the last quarter. 6 Meridian raised its stake in shares of Pinnacle West Capital by 18.3% in the 1st quarter. 6 Meridian now owns 5,965 shares of the utilities provider’s stock valued at $476,000 after acquiring an additional 922 shares in the last quarter. Finally, Glen Harbor Capital Management LLC raised its stake in shares of Pinnacle West Capital by 1.2% in the 1st quarter. Glen Harbor Capital Management LLC now owns 79,640 shares of the utilities provider’s stock valued at $6,355,000 after acquiring an additional 924 shares in the last quarter. 80.92% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on PNW shares. Morgan Stanley raised their price objective on Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a research note on Monday, July 16th. Wells Fargo & Co raised Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a report on Tuesday, June 19th. ValuEngine lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. Finally, Credit Suisse Group raised Pinnacle West Capital from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $85.00 to $87.00 in a research note on Tuesday, May 8th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $84.20.
In other news, EVP Mark A. Schiavoni sold 9,534 shares of the business’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total transaction of $753,376.68. Following the completion of the sale, the executive vice president now owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.
Shares of PNW opened at $82.27 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81. Pinnacle West Capital Co. has a 52-week low of $73.41 and a 52-week high of $92.48. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 18.91, a price-to-earnings-growth ratio of 4.09 and a beta of 0.21.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. The company had revenue of $974.12 million during the quarter, compared to the consensus estimate of $939.59 million. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 earnings per share. equities research analysts forecast that Pinnacle West Capital Co. will post 4.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 1st will be given a dividend of $0.695 per share. The ex-dividend date is Tuesday, July 31st. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.38%. Pinnacle West Capital’s payout ratio is currently 63.91%.
Pinnacle West Capital Profile
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 resources. The company serves approximately 1.2 million homes and businesses.
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