Chevy Chase Trust Holdings Inc. grew its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,556 shares of the utilities provider’s stock after purchasing an additional 1,247 shares during the period. Chevy Chase Trust Holdings Inc. owned about 0.09% of Pinnacle West Capital worth $8,249,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Captrust Financial Advisors acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $109,000. Parallel Advisors LLC grew its position in shares of Pinnacle West Capital by 3.6% during the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 75 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Pinnacle West Capital by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after purchasing an additional 174 shares in the last quarter. Stock Yards Bank & Trust Co. acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $205,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $214,000. Hedge funds and other institutional investors own 82.80% of the company’s stock.
PNW has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. BidaskClub upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. ValuEngine upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. SunTrust Banks restated a “hold” rating and set a $91.00 target price on shares of Pinnacle West Capital in a research report on Friday, November 24th. Finally, Morgan Stanley increased their target price on shares of Pinnacle West Capital from $83.00 to $86.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $87.20.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the business posted $2.35 EPS. equities research analysts predict that Pinnacle West Capital Co. will post 4.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 1st were given a dividend of $0.695 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.66. The ex-dividend date was Tuesday, October 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.10%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 60.04%.
In related news, Director Michael L. Gallagher sold 2,012 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now owns 12,786 shares in the company, valued at approximately $1,142,684.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Donald E. Brandt sold 18,153 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the sale, the chief executive officer now owns 118,574 shares in the company, valued at approximately $10,617,115.96. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
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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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