Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. lowered its position in Pinnacle West Capital Co. (NYSE:PNW) by 5.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,524 shares of the utilities provider’s stock after selling 563 shares during the period. Legacy Capital Group California Inc.’s holdings in Pinnacle West Capital were worth $844,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its position in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares during the period. Lazard Asset Management LLC increased its holdings in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after acquiring an additional 2,828,450 shares in the last quarter. Zimmer Partners LP acquired a new position in Pinnacle West Capital during the first quarter worth $198,409,000. Finally, Bank of New York Mellon Corp lifted its holdings in Pinnacle West Capital by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after purchasing an additional 44,029 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the sale, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pinnacle West Capital news, Director Susan T. Flanagan purchased 500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $86.54 per share, with a total value of $43,270.00. Following the transaction, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. This represents a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on PNW shares. Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Barclays decreased their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Morgan Stanley boosted their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Trading Up 0.3 %

PNW opened at $89.61 on Friday. The stock has a market capitalization of $10.18 billion, a PE ratio of 19.52, a P/E/G ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The business’s 50 day moving average price is $88.19 and its 200 day moving average price is $81.58.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a $0.895 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 4.00%. Pinnacle West Capital’s payout ratio is presently 76.69%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.