The Manufacturers Life Insurance Company reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 212,904 shares of the utilities provider’s stock after selling 15,354 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Pinnacle West Capital were worth $18,136,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banced Corp purchased a new position in shares of Pinnacle West Capital during the fourth quarter worth $201,000. Kovack Advisors Inc. purchased a new position in shares of Pinnacle West Capital during the fourth quarter worth $202,000. Krilogy Financial LLC purchased a new position in Pinnacle West Capital in the third quarter valued at $211,000. IBM Retirement Fund purchased a new position in Pinnacle West Capital in the fourth quarter valued at $281,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Pinnacle West Capital in the fourth quarter valued at $290,000. Institutional investors and hedge funds own 82.05% of the company’s stock.
In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 24,216 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David P. Falck sold 4,500 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were 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 owns 40,838 shares in the company, valued at $3,637,440.66. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
Shares of Pinnacle West Capital Co. (PNW) opened at $80.15 on Friday. Pinnacle West Capital Co. has a 52 week low of $73.81 and a 52 week high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $8,955.16, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 5.72 and a beta of 0.27.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share 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 company 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. Pinnacle West Capital’s quarterly revenue was up 2.8% on a year-over-year basis. equities research analysts predict that Pinnacle West Capital Co. will post 4.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Wednesday, January 31st. Pinnacle West Capital’s dividend payout ratio is presently 63.91%.
A number of research firms recently issued reports on PNW. Royal Bank of Canada reiterated a “neutral” rating on shares of Pinnacle West Capital in a report on Thursday, February 1st. SunTrust Banks set a $82.00 target price on Pinnacle West Capital and gave the company a “hold” rating in a report on Monday, February 5th. Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, January 8th. Bank of America lowered Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 target price for the company. in a report on Wednesday, January 3rd. Finally, ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $84.91.
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Pinnacle West Capital 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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