TD Asset Management Inc Trims Holdings in Pinnacle West Capital Co. (NYSE:PNW)

TD Asset Management Inc cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.9% during the second quarter, Holdings Channel.com reports. The firm owned 76,105 shares of the utilities provider’s stock after selling 724 shares during the quarter. TD Asset Management Inc’s holdings in Pinnacle West Capital were worth $5,813,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. First United Bank & Trust purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $29,000. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital during the 1st quarter worth approximately $30,000. Newbridge Financial Services Group Inc. boosted its position in Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the period. Finally, Rise Advisors LLC acquired a new position in Pinnacle West Capital during the 1st quarter worth $36,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Down 0.8 %

Shares of NYSE:PNW opened at $88.97 on Thursday. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $90.49. 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 firm’s 50-day simple moving average is $84.46 and its 200-day simple moving average is $77.89. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 2.24 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 earnings per share. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Insider Buying and Selling

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

Analysts Set New Price Targets

PNW has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Barclays reduced their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and an average price target of $77.95.

About Pinnacle West Capital

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.