Swiss National Bank reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 706,646 shares of the utilities provider’s stock after selling 5,700 shares during the period. Swiss National Bank’s holdings in Pinnacle West Capital were worth $52,680,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. KC Investment Advisors LLC acquired a new position in shares of Pinnacle West Capital during the second quarter worth about $202,000. Regentatlantic Capital LLC boosted its position in Pinnacle West Capital by 54.9% during the third quarter. Regentatlantic Capital LLC now owns 6,220 shares of the utilities provider’s stock valued at $464,000 after purchasing an additional 2,205 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Pinnacle West Capital by 2.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 578,431 shares of the utilities provider’s stock valued at $42,393,000 after purchasing an additional 13,340 shares during the last quarter. Strs Ohio boosted its position in Pinnacle West Capital by 17.5% during the second quarter. Strs Ohio now owns 33,068 shares of the utilities provider’s stock valued at $2,423,000 after purchasing an additional 4,914 shares during the last quarter. Finally, Sit Investment Associates Inc. acquired a new position in Pinnacle West Capital during the second quarter valued at approximately $205,000. 83.69% of the stock is owned by institutional investors.
Several brokerages recently commented on PNW. Bank of America cut Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $78.00 price target for the company. in a research report on Monday, October 12th. ValuEngine cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, August 27th. TheStreet upgraded Pinnacle West Capital from a “c+” rating to a “b-” rating in a research note on Monday, October 12th. Barclays upped their price objective on Pinnacle West Capital from $89.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Morgan Stanley upped their price objective on Pinnacle West Capital from $84.00 to $86.00 and gave the company an “equal weight” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $88.25.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Wednesday, November 4th. The utilities provider reported $3.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.85 by $0.22. The company 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%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.77 earnings per share. Analysts forecast that Pinnacle West Capital Co. will post 4.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, October 30th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 69.60%.
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. 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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