SunTrust Banks, Inc. Reiterates “Hold” Rating for Pinnacle West Capital Corporation (PNW)

SunTrust Banks, Inc. reissued their hold rating on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a research note released on Monday, October 30th. The brokerage currently has a $88.00 price target on the utilities provider’s stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley raised their price target on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an underweight rating in a research report on Friday, September 8th. Credit Suisse Group AG assumed coverage on shares of Pinnacle West Capital Corporation in a research report on Wednesday, September 20th. They set a neutral rating and a $90.00 price objective for the company. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a hold rating to a buy rating and set a $100.00 price objective for the company in a research report on Monday, September 11th. BidaskClub raised shares of Pinnacle West Capital Corporation from a sell rating to a hold rating in a research report on Monday, July 24th. Finally, KeyCorp reiterated a hold rating on shares of Pinnacle West Capital Corporation in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $86.40.

Pinnacle West Capital Corporation (NYSE PNW) opened at $91.71 on Monday. The firm has a market cap of $10,250.00, a PE ratio of 19.08, a P/E/G ratio of 6.40 and a beta of 0.38. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. Pinnacle West Capital Corporation has a 12 month low of $72.61 and a 12 month high of $91.76.

Pinnacle West Capital Corporation (NYSE:PNW) last announced its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.13. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital Corporation had a net margin of 14.67% and a return on equity of 10.31%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.35 EPS. equities analysts anticipate that Pinnacle West Capital Corporation will post 4.27 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a dividend of $0.695 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.03%. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s payout ratio is currently 60.04%.

In related news, Director Kathryn L. Munro sold 1,806 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $90.28, for a total transaction of $163,045.68. Following the transaction, the director now owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total transaction of $3,136,114.41. Following the transaction, the chairman now directly owns 118,574 shares in the company, valued at approximately $10,620,673.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,584 shares of company stock worth $5,518,300. 0.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. WealthTrust Arizona LLC increased its position in Pinnacle West Capital Corporation by 0.7% during the second quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 9 shares during the last quarter. Wedbush Securities Inc. increased its position in Pinnacle West Capital Corporation by 0.3% during the second quarter. Wedbush Securities Inc. now owns 8,736 shares of the utilities provider’s stock worth $744,000 after purchasing an additional 25 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Pinnacle West Capital Corporation by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,288 shares of the utilities provider’s stock worth $706,000 after acquiring an additional 29 shares in the last quarter. ING Groep NV increased its position in shares of Pinnacle West Capital Corporation by 0.6% in the second quarter. ING Groep NV now owns 5,708 shares of the utilities provider’s stock worth $486,000 after acquiring an additional 34 shares in the last quarter. Finally, Eqis Capital Management Inc. increased its position in shares of Pinnacle West Capital Corporation by 1.0% in the second quarter. Eqis Capital Management Inc. now owns 3,928 shares of the utilities provider’s stock worth $334,000 after acquiring an additional 39 shares in the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Corporation Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

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