Schwab Charles Investment Management Inc. increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 539,272 shares of the utilities provider’s stock after buying an additional 32,194 shares during the period. Schwab Charles Investment Management Inc. owned about 0.48% of Pinnacle West Capital worth $45,601,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Captrust Financial Advisors acquired a new stake in Pinnacle West Capital in the second quarter worth about $109,000. Parallel Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 3.6% during the second quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 75 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Pinnacle West Capital by 8.3% during the second quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after purchasing an additional 174 shares during the period. Stock Yards Bank & Trust Co. acquired a new stake in shares of Pinnacle West Capital during the third quarter worth about $205,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Pinnacle West Capital during the third quarter worth about $214,000. Hedge funds and other institutional investors own 82.72% of the company’s stock.
PNW has been the subject of a number of research reports. Morgan Stanley lifted their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a report on Wednesday, December 13th. SunTrust Banks reissued a “hold” rating and issued a $84.00 price target on shares of Pinnacle West Capital in a report on Thursday, October 12th. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Bank of America started coverage on Pinnacle West Capital in a research report on Tuesday, October 24th. They issued a “neutral” rating and a $89.00 price objective for the company. Finally, Zacks Investment Research cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $86.90.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $2.35 EPS. analysts forecast that Pinnacle West Capital Co. will post 4.28 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 1st will be issued a $0.695 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.26%. Pinnacle West Capital’s dividend payout ratio is currently 60.04%.
In other Pinnacle West Capital news, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the completion of the transaction, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total value of $179,812.44. Following the transaction, the director now directly owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The disclosure for this sale can be found here. Insiders sold a total of 24,665 shares of company stock valued at $2,206,047 over the last three months. Insiders own 0.70% of the company’s stock.
About Pinnacle West Capital
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.
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