Bessemer Group Inc. Sells 7,635 Shares of Pinnacle West Capital Corporation $PNW

Bessemer Group Inc. lowered its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 58.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,331 shares of the utilities provider’s stock after selling 7,635 shares during the quarter. Bessemer Group Inc.’s holdings in Pinnacle West Capital were worth $478,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Exchange Traded Concepts LLC increased its holdings in Pinnacle West Capital by 1.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock valued at $881,000 after buying an additional 122 shares during the period. Allworth Financial LP increased its holdings in Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock valued at $74,000 after buying an additional 125 shares during the period. AE Wealth Management LLC increased its holdings in Pinnacle West Capital by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock valued at $279,000 after buying an additional 137 shares during the period. IFP Advisors Inc increased its holdings in Pinnacle West Capital by 4.0% in the 1st quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock valued at $387,000 after buying an additional 156 shares during the period. Finally, Probity Advisors Inc. increased its holdings in Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock valued at $592,000 after buying an additional 158 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was 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 of the company’s stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Down 1.1%

Shares of NYSE PNW opened at $88.55 on Monday. The firm’s 50-day simple moving average is $89.56 and its 200 day simple moving average is $90.69. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 9.23 and a beta of 0.46. 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 12-month low of $81.47 and a 12-month high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) 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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the company posted $1.76 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 3rd will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, November 3rd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 75.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. KeyCorp lowered 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 report on Wednesday, October 15th. TD Cowen began coverage on shares of Pinnacle West Capital in a research note on Thursday, October 16th. They issued a “hold” rating and a $97.00 target price on the stock. 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. Royal Bank Of Canada upgraded shares of Pinnacle West Capital to a “hold” rating in a research note on Tuesday, October 28th. Finally, Morgan Stanley set a $93.00 target price on shares of Pinnacle West Capital and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $96.69.

Pinnacle West Capital 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.