Legacy Capital Group California Inc. Cuts Position in Pinnacle West Capital Co. (NYSE:PNW)

Legacy Capital Group California Inc. lowered its position in Pinnacle West Capital Co. (NYSE:PNW) by 5.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,524 shares of the utilities provider’s stock after selling 563 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Pinnacle West Capital were worth $844,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $30,000. Ashton Thomas Private Wealth LLC purchased a new stake in Pinnacle West Capital during the 2nd quarter worth about $52,000. First Horizon Advisors Inc. boosted its position in shares of Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of Pinnacle West Capital in the 2nd quarter valued at about $82,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNW shares. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their target price 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. 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. Finally, Barclays dropped their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $80.79.

Insider Activity at Pinnacle West Capital

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

Pinnacle West Capital Trading Up 0.3 %

NYSE:PNW opened at $89.61 on Friday. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.57. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock’s 50 day simple moving average is $88.19 and its 200-day simple moving average is $81.58. The firm has a market cap of $10.18 billion, a P/E ratio of 19.52, a PEG ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the company posted $0.94 EPS. Pinnacle West Capital’s revenue was up 15.7% compared to the same quarter last year. Equities analysts anticipate 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. Stockholders of record on Monday, November 4th will be issued a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 76.69%.

Pinnacle West Capital 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.