Mitsubishi UFJ Trust & Banking Corp reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 60.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,623 shares of the utilities provider’s stock after selling 136,946 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.08% of Pinnacle West Capital worth $7,176,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Shell Asset Management Co. grew its holdings in Pinnacle West Capital by 6.4% during the 3rd quarter. Shell Asset Management Co. now owns 47,758 shares of the utilities provider’s stock worth $3,781,000 after acquiring an additional 2,852 shares in the last quarter. Credit Suisse AG grew its holdings in Pinnacle West Capital by 6.3% during the 3rd quarter. Credit Suisse AG now owns 156,324 shares of the utilities provider’s stock worth $12,379,000 after acquiring an additional 9,332 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Pinnacle West Capital by 244.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 396,559 shares of the utilities provider’s stock worth $31,400,000 after acquiring an additional 281,300 shares in the last quarter. Trexquant Investment LP acquired a new position in Pinnacle West Capital during the 3rd quarter worth approximately $761,000. Finally, DekaBank Deutsche Girozentrale grew its holdings in Pinnacle West Capital by 18.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 8,442 shares of the utilities provider’s stock worth $707,000 after acquiring an additional 1,312 shares in the last quarter. 82.42% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Denise R. Danner sold 3,320 shares of the company’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $88.78, for a total value of $294,749.60. Following the completion of the sale, the vice president now owns 8,759 shares in the company, valued at approximately $777,624.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Donald E. Brandt sold 15,876 shares of the company’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $88.59, for a total transaction of $1,406,454.84. Following the completion of the sale, the chairman now owns 77,310 shares of the company’s stock, valued at approximately $6,848,892.90. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.
Several research analysts have commented on the stock. ValuEngine upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Barclays set a $90.00 price target on shares of Pinnacle West Capital and gave the stock a “hold” rating in a report on Saturday, November 17th. Royal Bank of Canada reiterated a “buy” rating and set a $92.00 price target on shares of Pinnacle West Capital in a report on Wednesday, November 14th. SunTrust Banks upped their target price on shares of Pinnacle West Capital to $90.00 and gave the company an “average” rating in a report on Friday, November 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Co restated a “buy” rating on shares of Pinnacle West Capital in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $86.00.
Shares of Pinnacle West Capital stock opened at $90.78 on Friday. Pinnacle West Capital Co. has a 12-month low of $73.41 and a 12-month high of $91.37. The company has a quick ratio of 0.52, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $10.18 billion, a PE ratio of 20.18, a P/E/G ratio of 4.53 and a beta of 0.08.
Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.05. Pinnacle West Capital had a net margin of 13.71% and a return on equity of 9.68%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the business posted $2.46 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.48 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st were issued a $0.7375 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.70. The ex-dividend date was Wednesday, October 31st. This represents a $2.95 annualized dividend and a dividend yield of 3.25%. Pinnacle West Capital’s dividend payout ratio is presently 67.82%.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
See Also: Preferred Stock
Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNW).
Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.