Wesbanco Bank Inc. Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Wesbanco Bank Inc. decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 8.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,500 shares of the utilities provider’s stock after selling 234 shares during the quarter. Wesbanco Bank Inc.’s holdings in Pinnacle West Capital were worth $221,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in 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 purchasing an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital in the first quarter valued at $30,000. Newbridge Financial Services Group Inc. boosted its stake in Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Pinnacle West Capital during the first quarter worth about $36,000. Finally, Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital during the first quarter worth about $46,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PNW shares. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Barclays decreased their target price 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. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $80.79.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $87.57 on Thursday. 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 50 day simple moving average of $87.90 and a 200-day simple moving average of $81.01. The company has a market cap of $9.94 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.57.

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