Hennion & Walsh Asset Management Inc. Boosts Stake in Pinnacle West Capital Co. (NYSE:PNW)

Hennion & Walsh Asset Management Inc. grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,295 shares of the utilities provider’s stock after acquiring an additional 384 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Pinnacle West Capital were worth $2,152,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in Pinnacle West Capital in the first quarter worth about $898,000. Quantbot Technologies LP bought a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $1,102,000. Natixis purchased a new stake in Pinnacle West Capital during the first quarter valued at approximately $4,064,000. Allspring Global Investments Holdings LLC grew its holdings in Pinnacle West Capital by 148.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock worth $1,341,000 after purchasing an additional 10,732 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Pinnacle West Capital by 15.6% during the first quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock worth $17,080,000 after purchasing an additional 30,924 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Pinnacle West Capital news, Director Susan T. Flanagan bought 500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the transaction, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. This represents a 200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of recent analyst reports. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Barclays dropped their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $80.79.

Pinnacle West Capital Trading Down 1.6 %

NYSE PNW opened at $88.20 on Friday. The company has a fifty day moving average of $88.23 and a 200 day moving average of $81.67. The company has a market capitalization of $10.02 billion, a PE ratio of 19.22, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. Research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s payout ratio is currently 76.69%.

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.