Brighton Jones LLC Sells 2,628 Shares of Pinnacle West Capital Corporation $PNW

Brighton Jones LLC cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 53.0% during the 2nd quarter, Holdings Channel reports. The firm owned 2,329 shares of the utilities provider’s stock after selling 2,628 shares during the period. Brighton Jones LLC’s holdings in Pinnacle West Capital were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Exchange Traded Concepts LLC increased its holdings in shares of Pinnacle West Capital by 1.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock worth $881,000 after purchasing an additional 122 shares during the period. Allworth Financial LP increased its holdings in shares of Pinnacle West Capital by 19.1% during the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock worth $74,000 after purchasing an additional 125 shares during the period. AE Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock worth $279,000 after purchasing an additional 137 shares during the period. IFP Advisors Inc increased its holdings in shares of Pinnacle West Capital by 4.0% during the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock worth $387,000 after purchasing an additional 156 shares during the period. Finally, Probity Advisors Inc. increased its holdings in shares of Pinnacle West Capital by 2.6% during the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock worth $592,000 after purchasing an additional 158 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNW. Barclays raised their target price on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. Mizuho lowered shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. TD Cowen began coverage on shares of Pinnacle West Capital in a research report on Thursday, October 16th. They set a “hold” rating and a $97.00 price target on the stock. Wells Fargo & Company upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Tuesday. Finally, 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. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $96.69.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $88.55 on Friday. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The firm has a market capitalization of $10.58 billion, a P/E ratio of 18.26, a P/E/G ratio of 9.23 and a beta of 0.46. The company’s 50 day moving average price is $89.56 and its two-hundred day moving average price is $90.74.

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

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 3rd will be given a $0.91 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, November 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 73.81%.

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on 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 owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by corporate insiders.

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.