California State Teachers Retirement System decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 7.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,068 shares of the utilities provider’s stock after selling 16,087 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Pinnacle West Capital worth $15,988,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in PNW. Captrust Financial Advisors bought a new position in Pinnacle West Capital in the 2nd quarter worth about $109,000. Parallel Advisors LLC lifted its stake in Pinnacle West Capital by 3.6% during the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock valued at $186,000 after acquiring an additional 75 shares during the period. Pacer Advisors Inc. lifted its stake in Pinnacle West Capital by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock valued at $193,000 after acquiring an additional 174 shares during the period. Stock Yards Bank & Trust Co. bought a new position in Pinnacle West Capital during the 3rd quarter valued at about $205,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Pinnacle West Capital during the 3rd quarter valued at about $214,000. Institutional investors own 82.72% of the company’s stock.
In related news, EVP David P. Falck sold 4,500 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares in the company, valued at $3,637,440.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,665 shares of company stock valued at $2,206,047. 0.70% of the stock is owned by corporate insiders.
Several equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. Bank of America lowered shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 price target for the company. in a research report on Wednesday, January 3rd. SunTrust Banks reaffirmed a “hold” rating and set a $88.00 price target on shares of Pinnacle West Capital in a research report on Thursday, December 21st. ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. Finally, Morgan Stanley upped their price target on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $86.40.
Shares of Pinnacle West Capital Co. (PNW) traded down $0.70 on Friday, reaching $79.22. 748,717 shares of the company’s stock were exchanged, compared to its average volume of 547,818. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90. The stock has a market cap of $8,929.45, a price-to-earnings ratio of 17.11, a P/E/G ratio of 5.71 and a beta of 0.38. Pinnacle West Capital Co. has a twelve month low of $75.79 and a twelve month high of $92.48.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.13. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.35 EPS. equities research analysts expect that Pinnacle West Capital Co. will post 4.28 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 1st will be given a $0.695 dividend. The ex-dividend date is Wednesday, January 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.51%. Pinnacle West Capital’s dividend payout ratio is presently 60.04%.
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About Pinnacle West Capital
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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