AE Wealth Management LLC Buys New Stake in Pinnacle West Capital Co. (NYSE:PNW)

AE Wealth Management LLC bought a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,786 shares of the utilities provider’s stock, valued at approximately $442,000.

Other hedge funds also recently bought and sold shares of the company. Corient Private Wealth LLC boosted its stake in shares of Pinnacle West Capital by 7.5% during the fourth quarter. Corient Private Wealth LLC now owns 10,829 shares of the utilities provider’s stock valued at $778,000 after acquiring an additional 755 shares during the last quarter. Commerce Bank acquired a new position in shares of Pinnacle West Capital in the fourth quarter valued at approximately $509,000. TD Asset Management Inc lifted its stake in shares of Pinnacle West Capital by 14.7% during the fourth quarter. TD Asset Management Inc now owns 78,569 shares of the utilities provider’s stock valued at $5,644,000 after buying an additional 10,052 shares during the period. Treasurer of the State of North Carolina boosted its position in Pinnacle West Capital by 4.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 51,825 shares of the utilities provider’s stock worth $3,723,000 after acquiring an additional 2,092 shares during the last quarter. Finally, TFO Wealth Partners LLC grew its stake in Pinnacle West Capital by 29,653.8% in the 4th quarter. TFO Wealth Partners LLC now owns 3,868 shares of the utilities provider’s stock worth $278,000 after acquiring an additional 3,855 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital 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 sale, 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 filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on PNW. Wells Fargo & Company increased their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price target for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Morgan Stanley lifted their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday. Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $80.54.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $88.39 on Friday. The business’s 50-day simple moving average is $87.10 and its 200 day simple moving average is $79.48. The company has a market cap of $10.04 billion, a P/E ratio of 19.26, a PEG ratio of 2.30 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a one year low of $65.20 and a one year 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 (EPS) for the quarter, beating 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%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. On average, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

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.