Royal Bank of Canada lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 340,901 shares of the utilities provider’s stock after acquiring an additional 24,249 shares during the period. Royal Bank of Canada owned approximately 0.30% of Pinnacle West Capital worth $27,203,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of PNW. Silvant Capital Management LLC bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $127,000. Point72 Asia Hong Kong Ltd bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $151,000. Segall Bryant & Hamill LLC bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $201,000. Signaturefd LLC bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $220,000. Finally, Bridgeworth LLC bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $223,000. 82.90% of the stock is owned by institutional investors.
Pinnacle West Capital stock opened at $80.58 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $73.41 and a fifty-two week high of $92.48. The stock has a market cap of $8.99 billion, a P/E ratio of 18.52, a PEG ratio of 4.03 and a beta of 0.28. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.35 and a current ratio of 0.51.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.07). The firm had revenue of $692.71 million for the quarter, compared to analysts’ expectations of $680.96 million. Pinnacle West Capital had a return on equity of 9.11% and a net margin of 13.08%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.21 earnings per share. research analysts anticipate that Pinnacle West Capital Co. will post 4.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 1st will be paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Tuesday, July 31st. Pinnacle West Capital’s payout ratio is 63.91%.
Several equities research analysts have recently commented on the stock. SunTrust Banks reissued a “hold” rating and set a $82.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, April 11th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Friday, April 6th. Morgan Stanley set a $84.00 price target on shares of Pinnacle West Capital and gave the stock a “hold” rating in a report on Monday, April 16th. Finally, ValuEngine upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Wednesday. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Pinnacle West Capital has an average rating of “Hold” and an average target price of $83.82.
In other Pinnacle West Capital news, EVP Mark A. Schiavoni sold 9,534 shares of the business’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $79.02, for a total value of $753,376.68. Following the transaction, the executive vice president now directly owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by insiders.
Pinnacle West Capital 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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