Pinnacle West Capital Corporation $PNW Shares Sold by D.A. Davidson & CO.

D.A. Davidson & CO. trimmed its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,206 shares of the utilities provider’s stock after selling 117 shares during the period. D.A. Davidson & CO.’s holdings in Pinnacle West Capital were worth $376,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PNW. Clearstead Trust LLC acquired a new position in shares of Pinnacle West Capital during the first quarter valued at $25,000. Costello Asset Management INC acquired a new position in shares of Pinnacle West Capital during the first quarter valued at $26,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle West Capital during the second quarter valued at $31,000. Brooklyn Investment Group increased its holdings in shares of Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 396 shares during the period. Finally, HM Payson & Co. increased its holdings in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 196 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on 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 transaction, the executive vice president owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PNW has been the topic of a number of research analyst reports. Morgan Stanley set a $93.00 price target on Pinnacle West Capital and gave the company an “outperform” rating in a report on Wednesday, October 22nd. TD Cowen started coverage on Pinnacle West Capital in a research note on Thursday, October 16th. They set a “hold” rating and a $97.00 target price for the company. Mizuho cut Pinnacle West Capital from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. Zacks Research cut Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Finally, Barclays raised their target price on Pinnacle West Capital from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $96.69.

Pinnacle West Capital Trading Up 0.4%

NYSE:PNW opened at $89.47 on Friday. 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 Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 9.23 and a beta of 0.46. The stock has a fifty day simple moving average of $89.61 and a 200 day simple moving average of $90.77.

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

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 3rd will be given a $0.91 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. The ex-dividend date is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.1%. Pinnacle West Capital’s dividend payout ratio is 73.81%.

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.