Pinnacle West Capital Corporation $PNW Stake Raised by Fifth Third Bancorp

Fifth Third Bancorp raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 4.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,643 shares of the utilities provider’s stock after purchasing an additional 160 shares during the period. Fifth Third Bancorp’s holdings in Pinnacle West Capital were worth $326,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ATLAS Infrastructure Partners UK Ltd. increased its holdings in shares of Pinnacle West Capital by 230.5% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock valued at $266,085,000 after acquiring an additional 1,948,416 shares during the last quarter. Nuveen LLC acquired a new stake in Pinnacle West Capital in the 1st quarter valued at $99,364,000. Assenagon Asset Management S.A. boosted its stake in Pinnacle West Capital by 57.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider’s stock valued at $101,518,000 after buying an additional 388,527 shares in the last quarter. Vanguard Group Inc. raised its position in Pinnacle West Capital by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock valued at $1,377,759,000 after purchasing an additional 283,752 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Pinnacle West Capital by 13,170.8% in the 1st quarter. GAMMA Investing LLC now owns 200,787 shares of the utilities provider’s stock valued at $19,125,000 after purchasing an additional 199,274 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 completion of the sale, the executive vice president directly owned 56 shares of the company’s stock, valued at $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by insiders.

Analysts Set New Price Targets

PNW has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. BMO Capital Markets increased their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research report on Thursday, August 7th. KeyCorp reduced their price target on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, July 16th. UBS Group dropped their price objective on 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. Finally, Morgan Stanley lowered their target price 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. Four equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.91.

Pinnacle West Capital Trading Up 2.3%

NYSE PNW opened at $89.67 on Wednesday. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 9.05 and a beta of 0.45. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50. The business’s fifty day moving average is $89.67 and its 200 day moving average is $90.94. 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 announced its earnings results 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 period in the previous year, the business earned $1.76 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal 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.