Newport Wealth Strategies Inc. purchased a new position in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,977 shares of the utilities provider’s stock, valued at approximately $238,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Municipal Employees Retirement System of Michigan increased its stake in Pinnacle West Capital by 645.8% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 21,480 shares of the utilities provider’s stock worth $1,829,000 after purchasing an additional 18,600 shares in the last quarter. Zeke Capital Advisors LLC purchased a new position in Pinnacle West Capital in the 4th quarter worth about $321,000. LPL Financial LLC increased its stake in Pinnacle West Capital by 50.5% in the 4th quarter. LPL Financial LLC now owns 6,041 shares of the utilities provider’s stock worth $515,000 after purchasing an additional 2,027 shares in the last quarter. Zimmer Partners LP purchased a new position in Pinnacle West Capital in the 4th quarter worth about $26,619,000. Finally, Millennium Management LLC increased its stake in Pinnacle West Capital by 9.8% in the 4th quarter. Millennium Management LLC now owns 2,588,824 shares of the utilities provider’s stock worth $220,516,000 after purchasing an additional 230,870 shares in the last quarter. 82.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Pinnacle West Capital Co. (NYSE:PNW) opened at $77.97 on Friday. Pinnacle West Capital Co. has a 1 year low of $73.81 and a 1 year high of $92.48. The company has a market capitalization of $8,717.05, a PE ratio of 17.92, a price-to-earnings-growth ratio of 5.89 and a beta of 0.31. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85.
Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The business had revenue of $759.65 million during the quarter, compared to analyst estimates of $773.12 million. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. equities analysts predict that Pinnacle West Capital Co. will post 4.46 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 1st were paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend was Wednesday, January 31st. Pinnacle West Capital’s payout ratio is 63.91%.
In related news, Chairman Donald E. Brandt sold 24,216 shares of the firm’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $79.21, for a total value of $1,918,149.36. Following the transaction, the chairman now directly owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 88,741 shares in the company, valued at $6,853,467.43. The disclosure for this sale can be found here. Insiders sold a total of 68,110 shares of company stock worth $5,300,760 over the last three months. 0.70% of the stock is owned by company insiders.
A number of brokerages recently weighed in on PNW. SunTrust Banks set a $81.00 price target on Pinnacle West Capital and gave the stock a “hold” rating in a research note on Monday, February 12th. Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada restated a “neutral” rating on shares of Pinnacle West Capital in a research report on Thursday, February 1st. Morgan Stanley restated a “hold” rating and set a $84.00 price objective (up from $80.00) on shares of Pinnacle West Capital in a research report on Monday, February 26th. Finally, UBS began coverage on Pinnacle West Capital in a research report on Friday, February 2nd. They set a “neutral” rating and a $81.00 price objective for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $84.00.
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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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