TD Private Client Wealth LLC Decreases Holdings in Pinnacle West Capital Corporation $PNW

TD Private Client Wealth LLC lessened its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 5.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,499 shares of the utilities provider’s stock after selling 152 shares during the period. TD Private Client Wealth LLC’s holdings in Pinnacle West Capital were worth $224,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its position in Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock worth $2,524,000 after purchasing an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pinnacle West Capital by 12.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock valued at $1,236,000 after acquiring an additional 1,411 shares during the period. Stratos Wealth Partners LTD. boosted its position in shares of Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock valued at $528,000 after acquiring an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 366 shares during the period. Finally, Amalgamated Bank lifted its position in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after purchasing an additional 372 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Pinnacle West Capital

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

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $86.64 on Monday. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 8.96 and a beta of 0.45. The firm’s 50-day moving average is $89.87 and its 200 day moving average is $90.99. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.58. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. Pinnacle West Capital’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.76 EPS. Sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNW. Barclays dropped their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. BMO Capital Markets lifted their price target on shares of 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 decreased their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, September 12th. Mizuho downgraded shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. Finally, Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday. Three analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $96.00.

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.