BerganKDV Wealth Management LLC raised its position in Pinnacle West Capital Corporation (NYSE:PNW) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,410 shares of the utilities provider’s stock after buying an additional 77 shares during the period. BerganKDV Wealth Management LLC’s holdings in Pinnacle West Capital Corporation were worth $1,738,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Tompkins Financial Corp increased its stake in shares of Pinnacle West Capital Corporation by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock worth $113,000 after buying an additional 200 shares during the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth about $1,854,000. Lazard Asset Management LLC increased its stake in shares of Pinnacle West Capital Corporation by 0.3% in the first quarter. Lazard Asset Management LLC now owns 151,331 shares of the utilities provider’s stock worth $12,617,000 after buying an additional 385 shares during the last quarter. FDO Partners LLC purchased a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth about $327,000. Finally, Parametrica Management Ltd purchased a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth about $270,000. Hedge funds and other institutional investors own 83.73% of the company’s stock.
Shares of Pinnacle West Capital Corporation (PNW) traded up 0.51% during midday trading on Monday, reaching $85.56. 626,695 shares of the company were exchanged. The stock has a market capitalization of $9.55 billion, a P/E ratio of 20.78 and a beta of 0.37. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $89.56. The company has a 50 day moving average price of $87.07 and a 200-day moving average price of $82.46.
Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.06. Pinnacle West Capital Corporation had a return on equity of 9.40% and a net margin of 13.17%. The business had revenue of $677.73 million during the quarter, compared to the consensus estimate of $704.09 million. During the same period in the prior year, the company posted $0.04 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts forecast that Pinnacle West Capital Corporation will post $4.23 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be paid a $0.655 dividend. The ex-dividend date is Friday, July 28th. This represents a $2.62 annualized dividend and a yield of 3.06%. Pinnacle West Capital Corporation’s payout ratio is 63.75%.
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A number of equities research analysts have recently issued reports on PNW shares. BidaskClub downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Zacks Investment Research downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a report on Monday, May 8th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $86.00 price target on shares of Pinnacle West Capital Corporation in a report on Wednesday, May 17th. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $80.50.
In other Pinnacle West Capital Corporation news, SVP Daniel T. Froetscher sold 2,800 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $87.31, for a total value of $244,468.00. Following the completion of the transaction, the senior vice president now directly owns 8,568 shares in the company, valued at approximately $748,072.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James R. Hatfield sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $84.35, for a total value of $843,500.00. The disclosure for this sale can be found here. Insiders sold a total of 70,875 shares of company stock valued at $6,003,922 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
About Pinnacle West Capital Corporation
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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