Pinnacle West Capital Corporation $PNW Shares Purchased by Spirit of America Management Corp NY

Spirit of America Management Corp NY raised its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 166.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,600 shares of the utilities provider’s stock after acquiring an additional 1,000 shares during the period. Spirit of America Management Corp NY’s holdings in Pinnacle West Capital were worth $143,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PNW. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Pinnacle West Capital by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock valued at $1,236,000 after buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock valued at $528,000 after acquiring an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 366 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock worth $2,124,000 after purchasing an additional 372 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Pinnacle West Capital by 39.3% during the first quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider’s stock worth $201,000 after purchasing an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.2%

NYSE:PNW opened at $93.15 on Friday. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The stock’s 50 day simple moving average is $89.69 and its 200-day simple moving average is $90.73. The firm has a market cap of $11.13 billion, a P/E ratio of 19.21, a PEG ratio of 9.65 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. Pinnacle West Capital’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $1.76 EPS. Equities analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PNW shares. Mizuho cut Pinnacle West Capital from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. Zacks Research downgraded Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. UBS Group raised their target price on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. KeyCorp cut their target price on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, September 25th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $96.42.

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.