MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 6,806 Shares of Pinnacle West Capital Corporation $PNW

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 22.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,768 shares of the utilities provider’s stock after buying an additional 6,806 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Pinnacle West Capital were worth $3,587,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC purchased a new stake in Pinnacle West Capital during the 4th quarter valued at $417,000. Ameriprise Financial Inc. raised its stake in shares of Pinnacle West Capital by 12.0% in the fourth quarter. Ameriprise Financial Inc. now owns 235,036 shares of the utilities provider’s stock worth $19,924,000 after purchasing an additional 25,166 shares during the last quarter. Ethic Inc. purchased a new position in shares of Pinnacle West Capital in the fourth quarter worth $251,000. Ensign Peak Advisors Inc raised its stake in shares of Pinnacle West Capital by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 31,951 shares of the utilities provider’s stock worth $2,708,000 after purchasing an additional 250 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of Pinnacle West Capital in the fourth quarter worth $614,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PNW. KeyCorp lowered their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Barclays lowered their price target on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. BMO Capital Markets raised their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research note on Thursday, August 7th. UBS Group dropped their price target on Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the stock an “outperform” rating in a research note on Thursday, August 21st. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus price target of $96.20.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Trading Down 0.2%

Pinnacle West Capital stock opened at $88.19 on Friday. The business has a 50-day simple moving average of $90.74 and a two-hundred day simple moving average of $91.37. The company has a market cap of $10.53 billion, a P/E ratio of 18.18, a P/E/G ratio of 9.13 and a beta of 0.45. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the company earned $1.76 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were paid a $0.895 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. Pinnacle West Capital’s dividend payout ratio is 73.81%.

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.