Pinnacle West Capital Corporation $PNW Holdings Increased by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. lifted its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 79.4% in the third quarter, HoldingsChannel reports. The firm owned 32,295 shares of the utilities provider’s stock after acquiring an additional 14,292 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Pinnacle West Capital were worth $3,005,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Excelsior Advisor Network LLC raised its position in Pinnacle West Capital by 4.3% in the 1st quarter. Excelsior Advisor Network LLC now owns 2,625 shares of the utilities provider’s stock valued at $264,000 after purchasing an additional 108 shares in the last quarter. Probity Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 1.5% in the 3rd quarter. Probity Advisors Inc. now owns 8,037 shares of the utilities provider’s stock valued at $748,000 after buying an additional 118 shares during the period. Everhart Financial Group Inc. grew its position in shares of Pinnacle West Capital by 5.1% during the second quarter. Everhart Financial Group Inc. now owns 2,481 shares of the utilities provider’s stock worth $265,000 after buying an additional 120 shares in the last quarter. JFS Wealth Advisors LLC grew its position in shares of Pinnacle West Capital by 109.6% during the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider’s stock worth $26,000 after buying an additional 126 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in shares of Pinnacle West Capital by 2.7% during the third quarter. Parallel Advisors LLC now owns 5,025 shares of the utilities provider’s stock worth $468,000 after buying an additional 132 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of recent research reports. TD Cowen restated a “hold” rating on shares of Pinnacle West Capital in a research note on Wednesday, August 12th. Citigroup reiterated a “neutral” rating on shares of Pinnacle West Capital in a report on Thursday, October 8th. HSBC initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, October 22nd. They issued a “buy” rating and a $119.50 price objective on the stock. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 21st. Finally, Barclays reduced their price objective on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 1st. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $103.77.

Pinnacle West Capital Stock Down 0.8%

Shares of NYSE PNW opened at $107.09 on Friday. The company has a market capitalization of $12.98 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 3.77 and a beta of 0.48. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.71 and a quick ratio of 0.50. The business has a 50-day moving average of $99.77 and a two-hundred day moving average of $100.91. Pinnacle West Capital Corporation has a 1 year low of $86.18 and a 1 year high of $111.16.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.32 by $0.17. Pinnacle West Capital had a net margin of 11.59% and a return on equity of 9.18%. The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the firm earned $3.39 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. On average, analysts forecast that Pinnacle West Capital Corporation will post 4.92 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 2nd will be issued a dividend of $0.9250 per share. The ex-dividend date of this dividend is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. This represents a $3.70 annualized dividend and a dividend yield of 3.5%. Pinnacle West Capital’s dividend payout ratio is 69.55%.

Insider Activity

In other Pinnacle West Capital news, Director Paula J. Sims sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $105.44, for a total transaction of $210,880.00. Following the transaction, the director owned 9,032 shares of the company’s stock, valued at approximately $952,334.08. This trade represents a 18.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers. APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy. Pinnacle West became the parent company of APS in 1985.