MUFG Americas Holdings Corp reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,833 shares of the utilities provider’s stock after selling 1,425 shares during the quarter. MUFG Americas Holdings Corp’s holdings in Pinnacle West Capital were worth $2,541,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Banced Corp purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $201,000. Kovack Advisors Inc. purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $202,000. Stock Yards Bank & Trust Co. purchased a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $205,000. Krilogy Financial LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $211,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $214,000. Institutional investors and hedge funds own 82.05% of the company’s stock.
In other Pinnacle West Capital news, EVP David P. Falck sold 4,500 shares of the business’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 sale, the executive vice president now directly owns 40,838 shares of the company’s stock, valued at $3,637,440.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Donald E. Brandt sold 24,216 shares of the business’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 in the company, valued at $7,474,097.18. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.
A number of research firms recently weighed in on PNW. Morgan Stanley raised their price objective on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. Zacks Investment Research downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. ValuEngine downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Bank of America downgraded 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, SunTrust Banks restated a “hold” rating and issued a $88.00 price target on shares of Pinnacle West Capital in a research note on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $85.30.
Pinnacle West Capital Co. (PNW) traded up $3.41 during trading hours on Friday, reaching $80.15. The company’s stock had a trading volume of 2,196,523 shares, compared to its average volume of 819,168. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $8,574.14, a PE ratio of 17.31, a PEG ratio of 5.48 and a beta of 0.27. Pinnacle West Capital Co. has a twelve month low of $73.81 and a twelve month high of $92.48.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The business had revenue of $759.65 million for the quarter, compared to analysts’ expectations of $773.12 million. During the same period last year, the firm earned $0.47 earnings per share. The business’s quarterly revenue was up 2.8% on a year-over-year basis. research analysts forecast that Pinnacle West Capital Co. will post 4.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 1st will be issued a $0.695 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.47%. Pinnacle West Capital’s dividend payout ratio (DPR) is 60.04%.
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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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