Verity & Verity LLC Sells 344 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Verity & Verity LLC lessened its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.4% during the second quarter, Holdings Channel.com reports. The fund owned 84,662 shares of the utilities provider’s stock after selling 344 shares during the period. Verity & Verity LLC’s holdings in Pinnacle West Capital were worth $6,466,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Capital Research Global Investors boosted 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 worth $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC lifted its holdings in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $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 in the 1st quarter worth approximately $198,409,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle West Capital by 31.2% during the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after acquiring an additional 200,816 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

PNW has been the subject of several research reports. Wells Fargo & Company upped 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 report on Friday, August 2nd. Barclays decreased 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 research note on Tuesday, July 2nd. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $80.54.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $90.51 on Wednesday. The company has a market capitalization of $10.28 billion, a PE ratio of 19.72, a PEG ratio of 2.30 and a beta of 0.52. The business has a fifty day moving average price of $87.51 and a 200-day moving average price of $79.97. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, equities analysts expect that Pinnacle West Capital Co. will post 4.77 EPS 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.