Prospera Financial Services Inc acquired a new position in Pinnacle West Capital Co. (NYSE:PNW – Get a rating) in the first quarter, according to its most recent Form 13F filed with the Securities & Exchange Commission. The institutional investor bought 451 shares of the utility provider, valued at around $35,000.
A number of other hedge funds have also recently increased or reduced their stakes in PNW. National Bank of Canada FI acquired a new position in Pinnacle West Capital in the fourth quarter worth approximately $25,000. Carolinas Wealth Consulting LLC increased its stake in Pinnacle West Capital by 9,200.0% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 372 shares of the utility provider worth $26,000 after buying 368 additional shares in the last quarter. City State Bank acquired a new position in Pinnacle West Capital during the fourth quarter worth approximately $27,000. Retirement Group LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth approximately $28,000. Finally, Montag A & Associates Inc. acquired a new position in Pinnacle West Capital during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds hold 80.89% of the company’s shares.
In other Pinnacle West Capital news, please Barbara D. Lockwood sold 3,489 shares of the company in a trade that took place on Tuesday, May 17. The stock was sold at an average price of $74.25, for a total value of $259,058.25. The transaction was disclosed in a legal filing with the SEC, available at this hyperlink. 0.31% of the shares are currently held by insiders of the company.
Changes to analyst ratings
Several brokerages have commented on PNW. UBS Group lowered its price target on Pinnacle West Capital from $74.00 to $67.00 and placed a “sell” rating on the stock in a Thursday, June 30 report. Barclays lowered its price target on Pinnacle West Capital shares from $78.00 to $68.00 and set an “underweight” rating on the stock in a Monday July 18 research note. Mizuho raised its price target on Pinnacle West Capital shares from $76.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday. KeyCorp raised its price target on Pinnacle West Capital stock from $62.00 to $64.00 and gave the stock an “underweight” rating in a Wednesday, April 20 research note. Finally, Credit Suisse Group raised its price target on shares of Pinnacle West Capital to $69.00 in a research note on Tuesday. Seven equity research analysts have assigned the stock a sell rating, five have issued a hold rating and one has assigned the stock a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $71.54.
Pinnacle West Capital Price Performance
Shares of PNW Stock opened at $76.45 on Thursday. The stock has a 50-day moving average price of $72.24 and a 200-day moving average price of $73.29. The company has a quick ratio of 0.69, a current ratio of 0.89 and a debt ratio of 1.20. The company has a market capitalization of $8.64 billion, a price-earnings ratio of 15.80 and a beta of 0.32. Pinnacle West Capital Co. has a 12-month low of $62.78 and a 12-month high of $81.25.
West Pinnacle Capital (NYSE:PNW – Get a rating) last reported results on Wednesday, August 3. The utility provider reported earnings per share (EPS) of $1.45 for the quarter, beating the consensus estimate of $1.41 by $0.04. The company posted revenue of $1.06 billion in the quarter, against analyst estimates of $974.60 million. Pinnacle West Capital achieved a return on equity of 9.04% and a net margin of 13.88%. The company’s revenue for the quarter increased by 6.1% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of $1.91. Research analysts expect Pinnacle West Capital Co. to post EPS of 3.97 for the current year.
Pinnacle West Capital Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1. Shareholders of record on Monday August 1 will receive a dividend of $0.85 per share. This represents an annualized dividend of $3.40 and a dividend yield of 4.45%. The ex-dividend date is Friday, July 29. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 70.25%.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electrical services primarily in the State of Arizona. The Company is engaged in the generation, transmission and distribution of electricity using coal, nuclear, gas, oil and solar power generation facilities.
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