Truist Financial Corp Cuts Stock Holdings in Pinnacle West Capital Corporation $PNW

Truist Financial Corp lowered its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 6.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,211 shares of the utilities provider’s stock after selling 224 shares during the period. Truist Financial Corp’s holdings in Pinnacle West Capital were worth $287,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Centennial Wealth Advisory LLC purchased a new position in Pinnacle West Capital during the second quarter worth approximately $429,000. Sonora Investment Management Group LLC raised its stake in shares of Pinnacle West Capital by 5.3% in the 2nd quarter. Sonora Investment Management Group LLC now owns 25,335 shares of the utilities provider’s stock valued at $2,267,000 after acquiring an additional 1,271 shares during the period. NovaPoint Capital LLC raised its stake in shares of Pinnacle West Capital by 2.2% in the 2nd quarter. NovaPoint Capital LLC now owns 10,257 shares of the utilities provider’s stock valued at $918,000 after acquiring an additional 225 shares during the period. Patton Fund Management Inc. purchased a new stake in Pinnacle West Capital during the 2nd quarter worth $210,000. Finally, ST Germain D J Co. Inc. increased its stake in Pinnacle West Capital by 19.8% during the 2nd quarter. ST Germain D J Co. Inc. now owns 1,132 shares of the utilities provider’s stock worth $101,000 after buying an additional 187 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNW. Zacks Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. TD Cowen began coverage on shares of Pinnacle West Capital in a research note on Thursday. They set a “hold” rating and a $97.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Wednesday, October 8th. KeyCorp dropped their price target on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets raised their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $96.42.

Insiders Place Their Bets

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital 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 sale, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Trading Up 0.2%

NYSE PNW opened at $93.15 on Friday. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The company has a 50-day simple moving average of $89.69 and a 200-day simple moving average of $90.77. 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 firm has a market capitalization of $11.13 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 9.63 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results 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 net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $1.76 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

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.