Meeder Advisory Services Inc. Purchases New Shares in Pinnacle West Capital Co. (NYSE:PNW)

Meeder Advisory Services Inc. acquired a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,827 shares of the utilities provider’s stock, valued at approximately $216,000.

A number of other institutional investors also recently bought and sold shares of the business. Blue Trust Inc. grew its holdings 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 worth $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $30,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 199 shares during the period. Rise Advisors LLC purchased a new position in Pinnacle West Capital in the 1st quarter valued at $36,000. Finally, Riverview Trust Co acquired a new position in Pinnacle West Capital in the 1st quarter valued at $46,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $91.29 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock has a market cap of $10.37 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 2.27 and a beta of 0.52. The company’s 50-day moving average price is $85.59 and its 200 day moving average price is $78.50. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.49.

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

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle West Capital’s payout ratio is currently 76.69%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. 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 research report on Friday, August 23rd. Barclays cut their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note 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. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $77.95.

Insider Buying and Selling

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

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.