Sumitomo Mitsui Trust Group Inc. Buys 1,327 Shares of Pinnacle West Capital Corporation $PNW

Sumitomo Mitsui Trust Group Inc. boosted its position in Pinnacle West Capital Corporation (NYSE:PNW) by 28.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,977 shares of the utilities provider’s stock after purchasing an additional 1,327 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinnacle West Capital were worth $535,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Clearstead Trust LLC purchased a new position in shares of Pinnacle West Capital in the 1st quarter worth approximately $25,000. Costello Asset Management INC purchased a new stake in Pinnacle West Capital during the first quarter valued at approximately $26,000. Ameritas Advisory Services LLC acquired a new stake in Pinnacle West Capital in the second quarter valued at approximately $31,000. Brooklyn Investment Group boosted its stake in Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 396 shares in the last quarter. Finally, HM Payson & Co. grew its holdings in Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock worth $56,000 after purchasing an additional 196 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $88.55 on Friday. 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 stock has a 50-day moving average of $89.56 and a two-hundred day moving average of $90.74. The stock has a market cap of $10.58 billion, a P/E ratio of 18.26, a P/E/G ratio of 9.23 and a beta of 0.46. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year 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 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 for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company earned $1.76 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s payout ratio is 73.81%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the subject of several analyst reports. KeyCorp decreased their price objective on Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. TD Cowen began coverage on Pinnacle West Capital in a research report on Thursday, October 16th. They set a “hold” rating and a $97.00 target price on the stock. Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $102.00 to $90.00 in a report on Tuesday, September 9th. BMO Capital Markets restated a “market perform” rating and set a $99.00 price target on shares of Pinnacle West Capital in a research note on Monday, October 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.69.

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.