Wedge Capital Management L L P NC decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,710,898 shares of the utilities provider’s stock after selling 44,030 shares during the period. Pinnacle West Capital comprises about 1.4% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 9th largest position. Wedge Capital Management L L P NC owned about 1.53% of Pinnacle West Capital worth $145,700,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. WealthTrust Arizona LLC boosted its stake in shares of Pinnacle West Capital by 0.7% in the first quarter. WealthTrust Arizona LLC now owns 1,244 shares of the utilities provider’s stock valued at $104,000 after buying an additional 9 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in Pinnacle West Capital during the second quarter valued at $106,000. Tompkins Financial Corp raised its position in Pinnacle West Capital by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock valued at $113,000 after buying an additional 200 shares during the period. Amica Retiree Medical Trust raised its position in Pinnacle West Capital by 128.0% in the first quarter. Amica Retiree Medical Trust now owns 1,496 shares of the utilities provider’s stock valued at $125,000 after buying an additional 840 shares during the period. Finally, Pacer Advisors Inc. raised its position in Pinnacle West Capital by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock valued at $175,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds own 83.02% of the company’s stock.
Shares of Pinnacle West Capital Co. (PNW) opened at 88.97 on Friday. The company has a 50-day moving average of $86.47 and a 200 day moving average of $84.23. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of 19.65 and a beta of 0.37. Pinnacle West Capital Co. has a one year low of $70.86 and a one year high of $89.56.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.33. Pinnacle West Capital had a return on equity of 13.86% and a net margin of 18.24%. The company had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. During the same quarter last year, the company earned $1.08 earnings per share. Pinnacle West Capital’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that Pinnacle West Capital Co. will post $4.27 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be issued a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 57.96%.
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Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital in a report on Monday, July 24th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the company an “underweight” rating in a report on Thursday. Zacks Investment Research raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. BMO Capital Markets reaffirmed a “hold” rating and set a $86.00 target price on shares of Pinnacle West Capital in a report on Wednesday, May 17th. Finally, BidaskClub raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating and ten have given a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $81.89.
In other Pinnacle West Capital news, SVP Barbara M. Gomez sold 1,900 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $84.00, for a total value of $159,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Daniel T. Froetscher sold 2,800 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $87.31, for a total value of $244,468.00. Following the completion of the sale, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.
Pinnacle West Capital Company 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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