Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Blue Trust Inc.

Blue Trust Inc. raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 377.9% during the second quarter, HoldingsChannel reports. The firm owned 368 shares of the utilities provider’s stock after purchasing an additional 291 shares during the period. Blue Trust Inc.’s holdings in Pinnacle West Capital were worth $28,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Capital Research Global Investors raised its position in shares of Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC raised 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 valued at $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $198,409,000. Norges Bank purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $112,914,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Pinnacle West Capital by 1,267.8% during the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock worth $22,404,000 after purchasing an additional 289,061 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on PNW shares. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Citigroup initiated coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $77.95.

Insider Activity at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Down 0.1 %

NYSE PNW opened at $87.06 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The stock has a market capitalization of $9.89 billion, a P/E ratio of 18.97, a PEG ratio of 2.26 and a beta of 0.50. The firm’s 50-day moving average is $81.48 and its two-hundred day moving average is $76.17. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $89.39.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results 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 business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. The business’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be paid a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.04%. Pinnacle West Capital’s payout ratio is presently 76.69%.

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.