Sumitomo Mitsui DS Asset Management Company Ltd Sells 702 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 15,489 shares of the utilities provider’s stock after selling 702 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Pinnacle West Capital were worth $1,183,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $898,000. Virtu Financial LLC acquired a new stake in Pinnacle West Capital during the fourth quarter worth $977,000. Quantbot Technologies LP acquired a new stake in Pinnacle West Capital during the first quarter worth $1,102,000. Natixis bought a new stake in Pinnacle West Capital in the 1st quarter valued at $4,064,000. Finally, Capital Research Global Investors raised its stake in shares of Pinnacle West Capital by 116.8% in the 4th quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock valued at $467,521,000 after buying an additional 3,506,181 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PNW shares. Barclays decreased their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their target price on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Morgan Stanley increased their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $77.95.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Stock Up 0.4 %

Shares of NYSE PNW opened at $87.52 on Monday. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $89.39. The firm’s 50-day simple moving average is $82.67 and its 200 day simple moving average is $76.93. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a market cap of $9.94 billion, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 2.23 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. Pinnacle West Capital’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. On average, research analysts expect that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.02%. Pinnacle West Capital’s payout ratio is currently 76.69%.

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.