Aviva PLC Has $4.29 Million Stake in Pinnacle West Capital Co. (PNW)

Aviva PLC cut its stake in Pinnacle West Capital Co. (NYSE:PNW) by 3.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,134 shares of the utilities provider’s stock after selling 1,726 shares during the period. Aviva PLC’s holdings in Pinnacle West Capital were worth $4,286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in Pinnacle West Capital by 13.7% during the second quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock worth $1,098,218,000 after purchasing an additional 1,642,393 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Pinnacle West Capital by 9.9% in the third quarter. American Century Companies Inc. now owns 2,910,120 shares of the utilities provider’s stock valued at $230,423,000 after acquiring an additional 261,996 shares in the last quarter. Millennium Management LLC raised its stake in shares of Pinnacle West Capital by 34.1% in the second quarter. Millennium Management LLC now owns 2,496,216 shares of the utilities provider’s stock valued at $201,095,000 after acquiring an additional 634,929 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Pinnacle West Capital by 16.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,431,121 shares of the utilities provider’s stock valued at $113,316,000 after acquiring an additional 206,126 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Pinnacle West Capital by 27.5% in the second quarter. Renaissance Technologies LLC now owns 1,366,800 shares of the utilities provider’s stock valued at $110,109,000 after acquiring an additional 294,600 shares in the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.

PNW has been the topic of several analyst reports. Wells Fargo & Co reduced their price objective on Pinnacle West Capital from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Sunday, September 30th. Goldman Sachs Group upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating in a research note on Thursday, October 18th. Barclays initiated coverage on Pinnacle West Capital in a research note on Monday, October 22nd. They issued a “hold” rating and a $86.00 price objective on the stock. Credit Suisse Group increased their price objective on Pinnacle West Capital from $87.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday, October 12th. Finally, ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $86.00.

In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 15,876 shares of the firm’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $88.59, for a total value of $1,406,454.84. Following the sale, the chairman now directly owns 77,310 shares in the company, valued at $6,848,892.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Denise R. Danner sold 3,320 shares of the firm’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $88.78, for a total value of $294,749.60. Following the completion of the sale, the vice president now owns 8,759 shares in the company, valued at $777,624.02. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Pinnacle West Capital stock opened at $90.78 on Monday. Pinnacle West Capital Co. has a 1-year low of $73.41 and a 1-year high of $91.37. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.52 and a current ratio of 0.70. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of 20.87, a price-to-earnings-growth ratio of 4.53 and a beta of 0.08.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.75 by $0.05. Pinnacle West Capital had a return on equity of 9.68% and a net margin of 13.71%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm earned $2.46 earnings per share. Pinnacle West Capital’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that Pinnacle West Capital Co. will post 4.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 1st were paid a $0.7375 dividend. The ex-dividend date of this dividend was Wednesday, October 31st. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.70. This represents a $2.95 dividend on an annualized basis and a yield of 3.25%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.82%.

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Pinnacle West Capital Company 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.

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

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