Lazard Asset Management LLC lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,376 shares of the utilities provider’s stock after selling 7,442 shares during the quarter. Lazard Asset Management LLC owned 0.13% of Pinnacle West Capital worth $12,297,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Banced Corp acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth approximately $201,000. Kovack Advisors Inc. acquired a new position in Pinnacle West Capital in the 4th quarter valued at $202,000. Krilogy Financial LLC acquired a new position in Pinnacle West Capital in the 3rd quarter valued at $211,000. IBM Retirement Fund acquired a new position in Pinnacle West Capital in the 4th quarter valued at $281,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in Pinnacle West Capital in the 4th quarter valued at $290,000. Institutional investors own 82.65% of the company’s stock.
Pinnacle West Capital Co. (NYSE PNW) traded up $0.36 during trading on Wednesday, hitting $76.78. 825,175 shares of the stock traded hands, compared to its average volume of 873,291. The company has a quick ratio of 0.61, a current ratio of 0.85 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $8,560.00, a PE ratio of 17.32, a PEG ratio of 5.77 and a beta of 0.31. Pinnacle West Capital Co. has a twelve month low of $73.81 and a twelve month high of $92.48.
Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.09. The firm had revenue of $759.65 million during the quarter, compared to analysts’ expectations of $773.12 million. Pinnacle West Capital had a net margin of 13.70% and a return on equity of 9.59%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. equities research analysts forecast that Pinnacle West Capital Co. will post 4.46 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st were given a $0.695 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.62%. Pinnacle West Capital’s payout ratio is 62.75%.
PNW has been the subject of several research reports. Zacks Investment Research cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Bank of America cut shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 price target for the company. in a research report on Wednesday, January 3rd. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 13th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $88.00 price target on shares of Pinnacle West Capital in a research report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $83.91.
In related news, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $77.23, for a total value of $3,018,380.09. Following the transaction, the chief executive officer now directly owns 88,741 shares in the company, valued at approximately $6,853,467.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kathryn L. Munro sold 2,666 shares of the firm’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $75.36, for a total transaction of $200,909.76. Following the completion of the transaction, the director now owns 15,630 shares in the company, valued at $1,177,876.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,465 shares of company stock valued at $5,538,254. Insiders own 0.70% of the company’s stock.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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