Principal Financial Group Inc. cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 17.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 165,781 shares of the utilities provider’s stock after selling 34,279 shares during the quarter. Principal Financial Group Inc. owned about 0.15% of Pinnacle West Capital worth $13,229,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in shares of Pinnacle West Capital by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 1,227,699 shares of the utilities provider’s stock worth $104,574,000 after acquiring an additional 14,615 shares during the period. American International Group Inc. increased its stake in shares of Pinnacle West Capital by 14.9% during the fourth quarter. American International Group Inc. now owns 38,245 shares of the utilities provider’s stock worth $3,258,000 after acquiring an additional 4,964 shares during the period. Suntrust Banks Inc. increased its stake in shares of Pinnacle West Capital by 7.6% during the fourth quarter. Suntrust Banks Inc. now owns 29,799 shares of the utilities provider’s stock worth $2,537,000 after acquiring an additional 2,111 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $548,000. Finally, Amalgamated Bank increased its stake in shares of Pinnacle West Capital by 5.6% during the fourth quarter. Amalgamated Bank now owns 23,088 shares of the utilities provider’s stock worth $1,967,000 after acquiring an additional 1,233 shares during the period. Institutional investors own 82.90% of the company’s stock.
A number of research analysts have recently issued reports on the stock. ValuEngine upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, March 14th. Finally, SunTrust Banks set a $81.00 price target on shares of Pinnacle West Capital and gave the stock a “hold” rating in a research note on Monday, March 26th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Pinnacle West Capital has an average rating of “Hold” and an average price target of $83.82.
In related 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 transaction of $753,376.68. Following the sale, the executive vice president now owns 25,496 shares of the company’s stock, valued at $2,014,693.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.
PNW stock opened at $80.92 on Thursday. The stock has a market cap of $8.96 billion, a P/E ratio of 18.60, a P/E/G ratio of 4.01 and a beta of 0.28. Pinnacle West Capital Co. has a 52 week low of $73.41 and a 52 week high of $92.48. The company has a current ratio of 0.51, a quick ratio of 0.35 and a debt-to-equity ratio of 0.83.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07). The company 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 quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. equities analysts predict that Pinnacle West Capital Co. will post 4.45 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st will be issued a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, July 31st. Pinnacle West Capital’s dividend payout ratio is currently 63.91%.
About Pinnacle West Capital
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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