Forsta AP Fonden boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 114.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 169,052 shares of the utilities provider’s stock after buying an additional 90,200 shares during the quarter. Forsta AP Fonden owned approximately 0.15% of Pinnacle West Capital worth $13,490,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. MANA Advisors LLC acquired a new position in Pinnacle West Capital during the 4th quarter worth $557,000. SWS Partners acquired a new position in Pinnacle West Capital during the 4th quarter worth $1,515,000. MetLife Investment Advisors LLC acquired a new position in Pinnacle West Capital during the 4th quarter worth $2,945,000. Stone Ridge Asset Management LLC acquired a new position in Pinnacle West Capital during the 4th quarter worth $2,945,000. Finally, Ladenburg Thalmann Financial Services Inc. lifted its holdings in Pinnacle West Capital by 8.5% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,708 shares of the utilities provider’s stock worth $1,082,000 after buying an additional 999 shares in the last quarter. 82.95% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on the company. SunTrust Banks reaffirmed a “hold” rating and set a $82.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, April 11th. Royal Bank of Canada reaffirmed a “neutral” rating on shares of Pinnacle West Capital in a report on Thursday, February 1st. Zacks Investment Research downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Friday, April 6th. Finally, Morgan Stanley set a $84.00 price objective on Pinnacle West Capital and gave the stock a “hold” rating in a report on Monday, April 16th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $84.64.
In other news, VP John S. Hatfield sold 2,145 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $76.14, for a total value of $163,320.30. Following the transaction, the vice president now owns 1,443 shares of the company’s stock, valued at approximately $109,870.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Donald E. Brandt sold 39,083 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $77.23, for a total value of $3,018,380.09. Following the completion of the transaction, the chief executive officer now directly owns 88,741 shares in the company, valued at approximately $6,853,467.43. The disclosure for this sale can be found here. In the last three months, insiders sold 43,894 shares of company stock worth $3,382,610. 0.53% of the stock is currently owned by company insiders.
Pinnacle West Capital opened at $76.37 on Friday, Marketbeat.com reports. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.35 and a current ratio of 0.51. The firm has a market capitalization of $8.61 billion, a PE ratio of 18.45, a P/E/G ratio of 3.61 and a beta of 0.26. Pinnacle West Capital Co. has a twelve month low of $76.66 and a twelve month high of $77.45.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.07). The company had revenue of $692.71 million during the quarter, compared to analyst estimates of $680.96 million. Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.21 EPS. analysts expect that Pinnacle West Capital Co. will post 4.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Tuesday, May 1st will be paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Monday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 63.91%.
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.
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