Pinnacle West Capital Corporation (NYSE:PNW) – Investment analysts at SunTrust Banks lowered their Q3 2017 earnings per share (EPS) estimates for Pinnacle West Capital Corporation in a research report issued to clients and investors on Friday. SunTrust Banks analyst A. Agha now anticipates that the utilities provider will earn $2.23 per share for the quarter, down from their prior estimate of $2.31. SunTrust Banks also issued estimates for Pinnacle West Capital Corporation’s Q4 2017 earnings at $0.29 EPS and Q3 2018 earnings at $2.36 EPS.

Pinnacle West Capital Corporation (NYSE:PNW) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.21%. The business had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. During the same quarter in the prior year, the company posted $1.08 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. COPYRIGHT VIOLATION NOTICE: This news story was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of U.S. & international copyright legislation. The original version of this news story can be viewed at https://www.americanbankingnews.com/2017/08/07/research-analysts-offer-predictions-for-pinnacle-west-capital-corporations-q3-2017-earnings-nysepnw.html.

Several other research firms have also issued reports on PNW. BMO Capital Markets reiterated a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Friday. BidaskClub lowered shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Royal Bank Of Canada reiterated a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Morgan Stanley reduced their target price on shares of Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research note on Monday, May 8th. One investment analyst has rated the stock with a sell rating and ten have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $81.78.

Shares of Pinnacle West Capital Corporation (NYSE:PNW) opened at 88.06 on Monday. The firm has a market cap of $9.82 billion, a PE ratio of 21.39 and a beta of 0.37. The firm has a 50-day moving average of $86.49 and a 200-day moving average of $83.82. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $89.56.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be issued a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is currently 57.96%.

In related news, SVP Daniel T. Froetscher sold 2,800 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $87.31, for a total value of $244,468.00. Following the transaction, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Denis A. Cortese sold 1,776 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $83.85, for a total transaction of $148,917.60. The disclosure for this sale can be found here. Insiders sold a total of 6,476 shares of company stock worth $552,986 over the last three months. 0.70% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of PNW. State Board of Administration of Florida Retirement System increased its position in shares of Pinnacle West Capital Corporation by 2.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 178,086 shares of the utilities provider’s stock worth $15,166,000 after buying an additional 3,792 shares during the period. William Blair Investment Management LLC increased its position in shares of Pinnacle West Capital Corporation by 3.5% in the second quarter. William Blair Investment Management LLC now owns 11,023 shares of the utilities provider’s stock worth $939,000 after buying an additional 372 shares during the period. BB&T Securities LLC increased its position in shares of Pinnacle West Capital Corporation by 63.0% in the second quarter. BB&T Securities LLC now owns 5,608 shares of the utilities provider’s stock worth $477,000 after buying an additional 2,168 shares during the period. KBC Group NV increased its position in shares of Pinnacle West Capital Corporation by 0.3% in the second quarter. KBC Group NV now owns 35,085 shares of the utilities provider’s stock worth $2,988,000 after buying an additional 95 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in shares of Pinnacle West Capital Corporation by 30.1% in the second quarter. BNP Paribas Arbitrage SA now owns 193,870 shares of the utilities provider’s stock worth $16,510,000 after buying an additional 44,831 shares during the period. 83.06% of the stock is currently owned by institutional investors.

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.

Earnings History and Estimates for Pinnacle West Capital Corporation (NYSE:PNW)

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