Stone Ridge Asset Management LLC bought a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 34,563 shares of the utilities provider’s stock, valued at approximately $2,945,000.
Other large investors have also added to or reduced their stakes in the company. Banced Corp purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $201,000. Kovack Advisors Inc. purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $202,000. Krilogy Financial LLC purchased a new position in Pinnacle West Capital during the 3rd quarter valued at about $211,000. IBM Retirement Fund purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $281,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $290,000. 82.65% of the stock is currently owned by institutional investors.
PNW has been the topic of several research analyst reports. ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. SunTrust Banks reaffirmed a “hold” rating and set a $91.00 target price on shares of Pinnacle West Capital in a research note on Friday, November 24th. Morgan Stanley lifted their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research note on Wednesday, December 13th. Bank of America cut Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 target price on the stock. in a research note on Wednesday, January 3rd. Finally, Zacks Investment Research cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $84.27.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The business had revenue of $759.65 million during the quarter, compared to analysts’ expectations of $773.12 million. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.47 EPS. research analysts expect that Pinnacle West Capital Co. will post 4.46 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 1st were paid a $0.695 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.64%. Pinnacle West Capital’s payout ratio is 63.91%.
In other Pinnacle West Capital news, EVP David P. Falck sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total transaction of $400,815.00. Following the completion of the sale, the executive vice president now owns 40,838 shares of the company’s stock, valued at $3,637,440.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Donald E. Brandt sold 24,216 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $79.21, for a total value of $1,918,149.36. Following the sale, the chairman now directly owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The disclosure for this sale can be found here. In the last three months, insiders sold 70,465 shares of company stock valued at $5,538,254. 0.70% of the stock is currently owned by company insiders.
Pinnacle West Capital 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.
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