Stephens Inc. AR Reduces Stake in Pinnacle West Capital Corporation $PNW

Stephens Inc. AR lowered its position in Pinnacle West Capital Corporation (NYSE:PNW) by 17.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,860 shares of the utilities provider’s stock after selling 821 shares during the period. Stephens Inc. AR’s holdings in Pinnacle West Capital were worth $345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Pinnacle West Capital by 12.0% during 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 in the last quarter. Stratos Wealth Partners LTD. raised its stake in 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 worth $528,000 after buying an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in 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 worth $443,000 after buying an additional 366 shares in the last quarter. Amalgamated Bank raised its stake in Pinnacle West Capital by 1.7% in the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock worth $2,124,000 after buying an additional 372 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Pinnacle West Capital by 39.3% in the first quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider’s stock worth $201,000 after buying an additional 595 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $92.10 on Monday. The firm has a market cap of $11.00 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 9.54 and a beta of 0.46. 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. The company’s 50 day moving average is $89.71 and its two-hundred day moving average is $90.79.

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

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 3rd will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Monday, November 3rd. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s payout ratio is 75.05%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PNW shares. Argus cut their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, September 30th. KeyCorp dropped their price objective on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating on the stock in a report on Wednesday, October 15th. UBS Group boosted their target price on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Saturday. Finally, Morgan Stanley set a $93.00 price objective on shares of Pinnacle West Capital and gave the stock an “outperform” rating in a research report on Wednesday. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.00.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company’s stock, valued at approximately $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 at the SEC website. Insiders own 0.23% of the company’s stock.

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.