Park Avenue Securities LLC Raises Holdings in Pinnacle West Capital Corporation $PNW

Park Avenue Securities LLC raised its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 22.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,160 shares of the utilities provider’s stock after purchasing an additional 929 shares during the period. Park Avenue Securities LLC’s holdings in Pinnacle West Capital were worth $462,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PNW. Exchange Traded Concepts LLC boosted its stake in shares of Pinnacle West Capital by 1.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock worth $881,000 after buying an additional 122 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock worth $74,000 after buying an additional 125 shares during the last quarter. AE Wealth Management LLC boosted its stake in shares of Pinnacle West Capital by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock worth $279,000 after buying an additional 137 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Pinnacle West Capital by 4.0% in the 1st quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock worth $387,000 after buying an additional 156 shares during the last quarter. Finally, Probity Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock worth $592,000 after buying an additional 158 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’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 transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PNW shares. Morgan Stanley dropped their price target on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 25th. KeyCorp dropped their price target on 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. 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. Barclays lowered their target price on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Finally, UBS Group lowered their target price on Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, September 12th. Three research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $96.00.

Pinnacle West Capital Price Performance

NYSE PNW opened at $87.65 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The business’s fifty day moving average is $89.76 and its 200 day moving average is $90.95. The company has a market capitalization of $10.47 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 8.96 and a beta of 0.45. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

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.