Personal Capital Advisors Corp boosted its position in Pinnacle West Capital Co. (NYSE:PNW) by 7.2% in the 4th quarter, Holdings Channel reports. The firm owned 276,593 shares of the utilities provider’s stock after acquiring an additional 18,678 shares during the quarter. Personal Capital Advisors Corp’s holdings in Pinnacle West Capital were worth $23,566,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verition Fund Management LLC raised its stake in Pinnacle West Capital by 152.6% in the 3rd quarter. Verition Fund Management LLC now owns 23,840 shares of the utilities provider’s stock valued at $1,888,000 after purchasing an additional 14,404 shares during the last quarter. California Public Employees Retirement System grew its holdings in Pinnacle West Capital by 22.3% in the 2nd quarter. California Public Employees Retirement System now owns 320,468 shares of the utilities provider’s stock valued at $25,817,000 after buying an additional 58,407 shares in the last quarter. Putnam Investments LLC purchased a new stake in Pinnacle West Capital in the 2nd quarter valued at $7,613,000. Trexquant Investment LP purchased a new stake in Pinnacle West Capital in the 3rd quarter valued at $761,000. Finally, Pacer Advisors Inc. grew its holdings in Pinnacle West Capital by 13.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,865 shares of the utilities provider’s stock valued at $464,000 after buying an additional 714 shares in the last quarter. 82.40% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on the company. Royal Bank of Canada restated a “buy” rating and issued a $92.00 target price on shares of Pinnacle West Capital in a report on Wednesday, November 14th. Barclays set a $90.00 target price on Pinnacle West Capital and gave the company a “hold” rating in a report on Saturday, November 17th. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. SunTrust Banks upped their target price on Pinnacle West Capital to $90.00 and gave the company an “average” rating in a report on Friday, November 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Co restated a “buy” rating on shares of Pinnacle West Capital in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $86.00.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.75 by $0.05. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Pinnacle West Capital had a return on equity of 9.68% and a net margin of 13.71%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 EPS. Research analysts predict that Pinnacle West Capital Co. will post 4.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be issued a dividend of $0.7375 per share. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Thursday, January 31st. Pinnacle West Capital’s dividend payout ratio is presently 67.82%.
In other news, Chairman Donald E. Brandt sold 15,876 shares of the stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $88.59, for a total transaction of $1,406,454.84. Following the completion of the transaction, the chairman now directly owns 77,310 shares in the company, valued at approximately $6,848,892.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Robert S. Bement sold 4,700 shares of the stock in a transaction on Thursday, December 13th. The stock was sold at an average price of $91.22, for a total value of $428,734.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,896 shares of company stock valued at $2,129,938. Company insiders own 0.53% of the company’s stock.
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Pinnacle West Capital Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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