Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by AGF Management Ltd.

AGF Management Ltd. decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 8.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,315 shares of the utilities provider’s stock after selling 2,702 shares during the period. AGF Management Ltd.’s holdings in Pinnacle West Capital were worth $2,315,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Capital Research Global Investors increased its holdings in shares of Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC increased its stake in Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth about $198,409,000. Norges Bank acquired a new stake in shares of Pinnacle West Capital in the 4th quarter worth approximately $112,914,000. Finally, First Trust Advisors LP boosted its holdings in shares of Pinnacle West Capital by 2.5% in the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock valued at $86,625,000 after acquiring an additional 29,767 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Morgan Stanley boosted their target price on 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 raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their price target 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. Finally, Barclays cut their price target on shares of 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 analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $77.95.

Pinnacle West Capital Price Performance

NYSE PNW opened at $90.70 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $90.74. The company has a market cap of $10.30 billion, a PE ratio of 19.76, a PEG ratio of 2.27 and a beta of 0.52. The stock’s 50-day moving average price is $85.30 and its two-hundred day moving average price is $78.19.

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

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were issued a $0.88 dividend. The ex-dividend date was Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.88%. Pinnacle West Capital’s payout ratio is currently 76.69%.

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.