Pinnacle West Capital Corporation’s (PNW) Hold Rating Reaffirmed at SunTrust Banks, Inc.

SunTrust Banks, Inc. reaffirmed their hold rating on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a research note released on Monday morning. The brokerage currently has a $88.00 price objective on the utilities provider’s stock.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research raised Pinnacle West Capital Corporation from a hold rating to a buy rating and set a $99.00 target price for the company in a research report on Thursday, October 26th. Bank of America Corporation began coverage on Pinnacle West Capital Corporation in a research report on Tuesday, October 24th. They set a neutral rating and a $89.00 price objective for the company. Credit Suisse Group began coverage on Pinnacle West Capital Corporation in a research note on Wednesday, September 20th. They set a neutral rating and a $90.00 target price for the company. Morgan Stanley increased their target price on Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an underweight rating in a research note on Friday, September 8th. Finally, KeyCorp reissued a hold rating on shares of Pinnacle West Capital Corporation in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $86.40.

Shares of Pinnacle West Capital Corporation (NYSE:PNW) traded up 0.21% during midday trading on Monday, reaching $87.71. The company had a trading volume of 703,693 shares. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $90.92. The company has a market capitalization of $9.79 billion, a P/E ratio of 19.37 and a beta of 0.36. The company’s 50 day moving average price is $87.24 and its 200-day moving average price is $87.08.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. The company had revenue of $944.59 million for the quarter, compared to the consensus estimate 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 was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.08 EPS. On average, equities research analysts predict that Pinnacle West Capital Corporation will post $4.26 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a $0.695 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.17%. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is presently 57.96%.

In other Pinnacle West Capital Corporation news, Chairman Donald E. Brandt sold 35,013 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the transaction, the chairman now directly owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David P. Falck sold 4,600 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $89.98, for a total value of $413,908.00. Following the completion of the transaction, the executive vice president now directly owns 42,840 shares in the company, valued at $3,854,743.20. The disclosure for this sale can be found here. Insiders sold 41,419 shares of company stock worth $3,713,068 over the last three months. 0.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Boston Partners increased its position in shares of Pinnacle West Capital Corporation by 30,924.3% during the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock worth $174,796,000 after acquiring an additional 2,045,950 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Pinnacle West Capital Corporation by 11,341.5% during the second quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock worth $156,560,000 after acquiring an additional 1,822,359 shares during the last quarter. American Century Companies Inc. increased its position in shares of Pinnacle West Capital Corporation by 140.6% during the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after acquiring an additional 1,470,383 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Pinnacle West Capital Corporation by 27.2% during the second quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock worth $285,454,000 after acquiring an additional 716,993 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Pinnacle West Capital Corporation by 4.4% during the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after acquiring an additional 496,727 shares during the last quarter. 84.27% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Corporation 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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