Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 634.9% during the second quarter, Holdings Channel.com reports. The fund owned 131,869 shares of the utilities provider’s stock after acquiring an additional 113,925 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pinnacle West Capital were worth $10,072,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Intech Investment Management LLC purchased a new stake in Pinnacle West Capital during the first quarter worth about $898,000. Virtu Financial LLC purchased a new position in Pinnacle West Capital in the 4th quarter valued at approximately $977,000. Quantbot Technologies LP acquired a new position in shares of Pinnacle West Capital in the first quarter worth $1,102,000. Natixis purchased a new stake in shares of Pinnacle West Capital during the first quarter worth $4,064,000. Finally, Capital Research Global Investors raised its stake in shares of Pinnacle West Capital by 116.8% in the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock valued at $467,521,000 after acquiring an additional 3,506,181 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $87.52 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. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $89.39. The firm has a market capitalization of $9.94 billion, a P/E ratio of 19.07, a P/E/G ratio of 2.26 and a beta of 0.50. The company’s fifty day moving average price is $82.67 and its 200 day moving average price is $76.79.

Pinnacle West Capital (NYSE:PNW) last announced its 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 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 9.73% and a net margin of 12.65%. The business’s revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. As a group, sell-side analysts predict that Pinnacle West Capital Co. will post 4.75 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated 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 owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Barclays lowered their target price on 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 upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Wells Fargo & Company lifted their price target on shares of 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. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $77.95.

About Pinnacle West Capital

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.