Loeb Partners Corp Holds Stake in Pinnacle West Capital Corporation (NYSE:PNW)

Loeb Partners Corp continued to hold its position in Pinnacle West Capital Corporation (NYSE:PNW) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,500 shares of the utilities provider’s stock at the end of the second quarter. Loeb Partners Corp’s holdings in Pinnacle West Capital Corporation were worth $1,064,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. WealthTrust Arizona LLC increased its position in shares of Pinnacle West Capital Corporation 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 in the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Pinnacle West Capital Corporation during the second quarter valued at $106,000. Amica Retiree Medical Trust increased its position in shares of Pinnacle West Capital Corporation 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 in the last quarter. Tompkins Financial Corp increased its position 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 valued at $113,000 after buying an additional 200 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Pinnacle West Capital Corporation by 8.9% in the first quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock valued at $175,000 after buying an additional 169 shares in the last quarter. 85.87% of the stock is currently owned by institutional investors.

Shares of Pinnacle West Capital Corporation (NYSE PNW) opened at 89.29 on Friday. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $89.91. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 19.72 and a beta of 0.37. The stock’s 50 day moving average is $86.79 and its 200-day moving average is $84.75.

Pinnacle West Capital Corporation (NYSE:PNW) last announced 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. The company had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. Pinnacle West Capital Corporation’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the business posted $1.08 EPS. On average, analysts anticipate that Pinnacle West Capital Corporation will post $4.27 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be paid a $0.655 dividend. This represents a $2.62 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is presently 57.96%.

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Several equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a research report on Thursday, August 10th. BMO Capital Markets reiterated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. BidaskClub cut shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Royal Bank Of Canada restated a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. Finally, Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.89.

In other news, SVP Daniel T. Froetscher sold 2,800 shares of Pinnacle West Capital Corporation stock in a transaction dated 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 owns 8,568 shares in the company, valued at approximately $748,072.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.70% of the company’s stock.

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.

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

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