Wealthspire Advisors LLC Sells 125 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Wealthspire Advisors LLC lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.4% in the second quarter, HoldingsChannel reports. The fund owned 2,719 shares of the utilities provider’s stock after selling 125 shares during the period. Wealthspire Advisors LLC’s holdings in Pinnacle West Capital were worth $208,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Securities Inc. bought a new stake in Pinnacle West Capital in the fourth quarter valued at about $105,000. Jump Financial LLC bought a new stake in Pinnacle West Capital in the fourth quarter valued at about $346,000. Vanguard Personalized Indexing Management LLC increased its holdings in Pinnacle West Capital by 24.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 10,969 shares of the utilities provider’s stock valued at $788,000 after purchasing an additional 2,182 shares during the last quarter. Kentucky Retirement Systems increased its holdings in Pinnacle West Capital by 3.3% in the fourth quarter. Kentucky Retirement Systems now owns 9,073 shares of the utilities provider’s stock valued at $652,000 after purchasing an additional 290 shares during the last quarter. Finally, Norges Bank bought a new stake in Pinnacle West Capital in the fourth quarter valued at about $112,914,000. Institutional investors own 91.51% of the company’s stock.

Insider Activity at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Down 1.5 %

PNW stock opened at $89.97 on Wednesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The stock has a market capitalization of $10.22 billion, a P/E ratio of 19.60, a P/E/G ratio of 2.27 and a beta of 0.52. The business has a 50-day moving average of $85.85 and a 200-day moving average of $78.65. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data 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. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Pinnacle West Capital’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Pinnacle West Capital Company 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.