TD Asset Management Inc Raises Stake in Pinnacle West Capital Corporation $PNW

TD Asset Management Inc grew its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,361 shares of the utilities provider’s stock after purchasing an additional 1,718 shares during the quarter. TD Asset Management Inc owned approximately 0.07% of Pinnacle West Capital worth $7,011,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PNW. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital during the first quarter valued at $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital during the first quarter valued at $26,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle West Capital during the second quarter valued at $31,000. Brooklyn Investment Group raised its holdings in shares of Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 396 shares in the last quarter. Finally, HM Payson & Co. raised its holdings in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after acquiring an additional 196 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PNW has been the subject of several recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. Barclays lifted their price objective on Pinnacle West Capital from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. TD Cowen initiated coverage on Pinnacle West Capital in a report on Thursday. They issued a “hold” rating and a $97.00 price objective for the company. Argus decreased their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 30th. Finally, Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $96.42.

Pinnacle West Capital Price Performance

PNW opened at $93.15 on Monday. The business’s 50-day moving average is $89.69 and its two-hundred day moving average is $90.70. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The firm has a market capitalization of $11.13 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 9.65 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the firm earned $1.76 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

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.