Swiss National Bank reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 0.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 706,646 shares of the utilities provider’s stock after selling 5,700 shares during the period. Swiss National Bank owned approximately 0.63% of Pinnacle West Capital worth $52,680,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Meeder Asset Management Inc. increased its position in Pinnacle West Capital by 2.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 5,849 shares of the utilities provider’s stock worth $436,000 after buying an additional 141 shares during the period. M&T Bank Corp increased its position in Pinnacle West Capital by 1.8% in the 3rd quarter. M&T Bank Corp now owns 8,170 shares of the utilities provider’s stock worth $609,000 after buying an additional 141 shares during the period. Princeton Global Asset Management LLC increased its position in Pinnacle West Capital by 75.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 350 shares of the utilities provider’s stock worth $26,000 after buying an additional 150 shares during the period. Global Retirement Partners LLC increased its position in Pinnacle West Capital by 17.9% in the 3rd quarter. Global Retirement Partners LLC now owns 994 shares of the utilities provider’s stock worth $74,000 after buying an additional 151 shares during the period. Finally, Advisor Group Holdings Inc. increased its position in Pinnacle West Capital by 0.8% in the 2nd quarter. Advisor Group Holdings Inc. now owns 19,338 shares of the utilities provider’s stock worth $1,418,000 after buying an additional 154 shares during the period. 83.69% of the stock is currently owned by institutional investors.
Shares of PNW stock opened at $83.25 on Friday. The stock’s fifty day simple moving average is $83.57 and its 200 day simple moving average is $77.72. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.77 and a quick ratio of 0.54. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 4.78 and a beta of 0.31. Pinnacle West Capital Co. has a one year low of $60.05 and a one year high of $105.51.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Wednesday, November 4th. The utilities provider reported $3.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.85 by $0.22. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.22 billion. Pinnacle West Capital had a return on equity of 10.69% and a net margin of 17.37%. Pinnacle West Capital’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.77 EPS. On average, research analysts anticipate that Pinnacle West Capital Co. will post 4.95 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 2nd will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Friday, October 30th. Pinnacle West Capital’s dividend payout ratio is 69.60%.
Several brokerages have commented on PNW. Mizuho began coverage on Pinnacle West Capital in a research report on Wednesday, October 7th. They issued a “neutral” rating on the stock. Credit Suisse Group reissued a “buy” rating and set a $88.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, August 5th. TheStreet raised Pinnacle West Capital from a “c+” rating to a “b-” rating in a report on Monday, October 12th. ValuEngine lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 27th. Finally, Barclays lifted their price objective on Pinnacle West Capital from $89.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $88.25.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.
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