SteelPeak Wealth LLC Acquires New Shares in Pinnacle West Capital Co. (NYSE:PNW)

SteelPeak Wealth LLC acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, Holdings Channel.com reports. The firm acquired 11,578 shares of the utilities provider’s stock, valued at approximately $1,026,000.

A number of other hedge funds have also bought and sold shares of PNW. Allspring Global Investments Holdings LLC grew its stake in Pinnacle West Capital by 148.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock valued at $1,341,000 after buying an additional 10,732 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Pinnacle West Capital by 1.0% during the 1st quarter. Commonwealth Equity Services LLC now owns 40,420 shares of the utilities provider’s stock valued at $3,021,000 after purchasing an additional 389 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at $212,000. Sequoia Financial Advisors LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at $222,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Pinnacle West Capital by 28.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,590 shares of the utilities provider’s stock valued at $2,170,000 after purchasing an additional 6,321 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNW has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $87.53 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $9.94 billion, a PE ratio of 16.18, a P/E/G ratio of 2.20 and a beta of 0.52. The firm has a fifty day simple moving average of $88.27 and a two-hundred day simple moving average of $82.01. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57.

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

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 4.09%. Pinnacle West Capital’s payout ratio is currently 66.17%.

Insiders Place Their Bets

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

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.