Pinnacle West Capital Co. (PNW) Shares Sold by US Bancorp DE

US Bancorp DE trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 2.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 56,702 shares of the utilities provider’s stock after selling 1,687 shares during the period. US Bancorp DE owned about 0.05% of Pinnacle West Capital worth $4,525,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its holdings in shares of Pinnacle West Capital by 1.1% in the first quarter. Riverhead Capital Management LLC now owns 63,932 shares of the utilities provider’s stock valued at $5,102,000 after purchasing an additional 686 shares in the last quarter. Signaturefd LLC acquired a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $220,000. Neuburgh Advisers LLC grew its holdings in shares of Pinnacle West Capital by 1.2% in the first quarter. Neuburgh Advisers LLC now owns 57,920 shares of the utilities provider’s stock valued at $4,622,000 after purchasing an additional 672 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Pinnacle West Capital by 46.0% in the first quarter. Neuberger Berman Group LLC now owns 8,759 shares of the utilities provider’s stock valued at $745,000 after purchasing an additional 2,758 shares in the last quarter. Finally, LS Investment Advisors LLC grew its holdings in shares of Pinnacle West Capital by 18.2% in the first quarter. LS Investment Advisors LLC now owns 22,925 shares of the utilities provider’s stock valued at $1,829,000 after purchasing an additional 3,522 shares in the last quarter. 82.51% of the stock is currently owned by institutional investors and hedge funds.

In other Pinnacle West Capital news, VP John S. Hatfield sold 2,145 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $76.14, for a total transaction of $163,320.30. Following the completion of the transaction, the vice president now owns 1,443 shares in the company, valued at approximately $109,870.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kathryn L. Munro sold 2,666 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total transaction of $200,909.76. Following the transaction, the director now owns 15,630 shares of the company’s stock, valued at approximately $1,177,876.80. The disclosure for this sale can be found here. Insiders have sold a total of 43,894 shares of company stock valued at $3,382,610 in the last quarter. 0.53% of the stock is currently owned by company insiders.

NYSE PNW opened at $78.39 on Friday. The company has a quick ratio of 0.35, a current ratio of 0.51 and a debt-to-equity ratio of 0.83. Pinnacle West Capital Co. has a 52 week low of $73.81 and a 52 week high of $92.48. The company has a market cap of $8.73 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 3.66 and a beta of 0.26.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.07). Pinnacle West Capital had a return on equity of 9.11% and a net margin of 13.08%. The firm had revenue of $692.71 million for the quarter, compared to analyst estimates of $680.96 million. During the same quarter last year, the firm earned $0.21 EPS. The company’s revenue was up 2.2% on a year-over-year basis. research analysts expect that Pinnacle West Capital Co. will post 4.45 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 1st will be issued a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.55%. The ex-dividend date is Monday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 63.91%.

PNW has been the subject of a number of research reports. Royal Bank of Canada upgraded shares of Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a report on Thursday, March 8th. Bank of America upgraded shares of Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 price objective for the company in a report on Friday, May 4th. They noted that the move was a valuation call. Morgan Stanley set a $80.00 price objective on shares of Pinnacle West Capital and gave the company a “hold” rating in a report on Thursday, March 8th. Wells Fargo & Co cut shares of Pinnacle West Capital from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $98.00 to $85.00 in a report on Monday, February 26th. They noted that the move was a valuation call. Finally, Guggenheim restated a “hold” rating and issued a $80.00 price objective on shares of Pinnacle West Capital in a report on Friday, February 23rd. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $84.64.

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.

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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