2,633 Shares in Pinnacle West Capital Corporation $PNW Purchased by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC purchased a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the second quarter, Holdings Channel reports. The firm purchased 2,633 shares of the utilities provider’s stock, valued at approximately $245,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock worth $1,236,000 after acquiring an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock worth $528,000 after acquiring an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock worth $443,000 after acquiring an additional 366 shares during the last quarter. Amalgamated Bank boosted its position in 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 acquiring an additional 372 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in 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 acquiring an additional 595 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president directly owned 56 shares of the company’s stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Morgan Stanley set a $93.00 target price on shares of Pinnacle West Capital and gave the company an “outperform” rating in a report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. UBS Group boosted their target price on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, October 10th. Finally, KeyCorp decreased 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, October 15th. Six investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $92.10 on Friday. The company’s 50 day simple moving average is $89.71 and its 200-day simple moving average is $90.78. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 9.58 and a beta of 0.46. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52.

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

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be paid a $0.91 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.0%. Pinnacle West Capital’s payout ratio is presently 73.81%.

Pinnacle West Capital Company 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.