Private Advisor Group LLC Raises Stake in Pinnacle West Capital Co. (NYSE:PNW)

Private Advisor Group LLC raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,392 shares of the utilities provider’s stock after purchasing an additional 203 shares during the quarter. Private Advisor Group LLC’s holdings in Pinnacle West Capital were worth $832,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors grew its position in Pinnacle West Capital by 97.5% in the 1st 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 first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after acquiring an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new position in Pinnacle West Capital in the first quarter valued at about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Pinnacle West Capital by 31.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after purchasing an additional 200,816 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNW. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $85.83 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The firm has a market capitalization of $9.75 billion, a PE ratio of 15.87, a PEG ratio of 2.18 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. The stock’s fifty day moving average is $88.26 and its 200 day moving average is $82.26.

Pinnacle West Capital (NYSE:PNW) last released its earnings results 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. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. On average, sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.88 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is presently 65.06%.

Insider Activity

In other news, Director Susan T. Flanagan bought 500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $86.54 per share, with a total value of $43,270.00. Following the completion of the transaction, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. The trade was a 200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pinnacle West Capital news, Director Susan T. Flanagan bought 500 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $86.54 per share, with a total value of $43,270.00. Following the transaction, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. This represents a 200.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Edgar Smith sold 4,950 shares of the 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 transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

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.