R Squared Ltd Raises Holdings in Pinnacle West Capital Corporation $PNW

R Squared Ltd increased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 78.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,794 shares of the utilities provider’s stock after acquiring an additional 6,044 shares during the period. Pinnacle West Capital makes up approximately 0.7% of R Squared Ltd’s portfolio, making the stock its 28th biggest holding. R Squared Ltd’s holdings in Pinnacle West Capital were worth $1,234,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Pinnacle West Capital by 26.2% during the 1st 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 during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Pinnacle West Capital by 8.5% during the 1st 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 in the last quarter. Amalgamated Bank grew its holdings in shares of Pinnacle West Capital by 1.7% in the 1st 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 period. Finally, GAMMA Investing LLC raised its holdings 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 purchasing an additional 595 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PNW shares. KeyCorp dropped their price target on Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating for the company in a research report on Wednesday, October 15th. Zacks Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. BMO Capital Markets restated a “market perform” rating and set a $99.00 target price on shares of Pinnacle West Capital in a research report on Monday. Mizuho lowered shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $102.00 to $90.00 in a research report on Tuesday, September 9th. Finally, Barclays raised their price objective on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Six investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

PNW stock opened at $92.64 on Friday. The stock has a market capitalization of $11.06 billion, a price-to-earnings ratio of 19.10, a price-to-earnings-growth ratio of 9.59 and a beta of 0.46. The stock’s fifty day simple moving average is $89.69 and its 200-day simple moving average is $90.76. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting 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 return on equity of 8.45% and a net margin of 10.96%.The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $1.76 EPS. Equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Monday, November 3rd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s payout ratio is currently 73.81%.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

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.