Toronto Dominion Bank Purchases 21,469 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Toronto Dominion Bank lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 93.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,447 shares of the utilities provider’s stock after acquiring an additional 21,469 shares during the quarter. Toronto Dominion Bank’s holdings in Pinnacle West Capital were worth $3,395,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PNW. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $30,000. Newbridge Financial Services Group Inc. boosted its holdings in Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares during the period. Rise Advisors LLC bought a new position in Pinnacle West Capital in the 1st quarter valued at $36,000. Finally, Riverview Trust Co purchased a new stake in Pinnacle West Capital in the first quarter worth $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $88.27 on Monday. The firm has a market capitalization of $10.02 billion, a P/E ratio of 19.23, a PEG ratio of 2.30 and a beta of 0.52. The stock has a 50-day simple moving average of $87.22 and a two-hundred day simple moving average of $79.65. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PNW shares. Barclays lowered their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley upped their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $80.54.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Company Profile

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.