Whittier Trust Co. Cuts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Whittier Trust Co. cut its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 77.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 444 shares of the utilities provider’s stock after selling 1,500 shares during the period. Whittier Trust Co.’s holdings in Pinnacle West Capital were worth $34,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in Pinnacle West Capital by 1,650.8% in the fourth quarter. International Assets Investment Management LLC now owns 10,417 shares of the utilities provider’s stock valued at $748,000 after purchasing an additional 9,822 shares during the period. Atria Wealth Solutions Inc. lifted its position in shares of Pinnacle West Capital by 4.9% during the 4th quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock valued at $354,000 after buying an additional 229 shares in the last quarter. Victory Capital Management Inc. grew its stake in Pinnacle West Capital by 1,267.8% in the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock valued at $22,404,000 after acquiring an additional 289,061 shares during the period. First Horizon Advisors Inc. increased its holdings in Pinnacle West Capital by 50.0% in the 4th quarter. First Horizon Advisors Inc. now owns 852 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 284 shares in the last quarter. Finally, Summit Global Investments raised its position in Pinnacle West Capital by 188.1% during the fourth quarter. Summit Global Investments now owns 19,222 shares of the utilities provider’s stock worth $1,381,000 after acquiring an additional 12,550 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.4 %

Shares of PNW stock opened at $87.52 on Friday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $89.39. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 2.26 and a beta of 0.50. The company’s 50-day moving average price is $82.67 and its 200-day moving average price is $76.79. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. Pinnacle West Capital’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 EPS. As a group, equities analysts predict that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

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

Analyst Upgrades and Downgrades

PNW has been the topic of a number of research reports. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Barclays decreased their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, LADENBURG THALM/SH SH raised 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 report on Thursday, June 6th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $77.95.

Insider Buying and Selling 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 sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.