CreativeOne Wealth LLC Acquires 4,243 Shares of Pinnacle West Capital Co. (NYSE:PNW)

CreativeOne Wealth LLC boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 89.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,008 shares of the utilities provider’s stock after purchasing an additional 4,243 shares during the period. CreativeOne Wealth LLC’s holdings in Pinnacle West Capital were worth $673,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. MeadowBrook Investment Advisors LLC bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $25,000. BOK Financial Private Wealth Inc. bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $26,000. Tobam grew its position in shares of Pinnacle West Capital by 2,620.0% in the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 393 shares during the period. First United Bank & Trust bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $29,000. Finally, Newbridge Financial Services Group Inc. grew its position in shares of Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PNW. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. Citigroup started coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 target price for the company. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Barclays cut their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $76.77.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded up $0.84 during midday trading on Friday, hitting $84.43. The stock had a trading volume of 181,954 shares, compared to its average volume of 1,166,593. The company’s 50-day moving average price is $77.64 and its 200-day moving average price is $73.81. The company has a market capitalization of $9.59 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 2.14 and a beta of 0.51. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $85.00.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital’s payout ratio is presently 76.69%.

About Pinnacle West Capital

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.