Securian Asset Management Inc. Purchases 335 Shares of Pinnacle West Capital Corporation $PNW

Securian Asset Management Inc. raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,242 shares of the utilities provider’s stock after acquiring an additional 335 shares during the quarter. Securian Asset Management Inc.’s holdings in Pinnacle West Capital were worth $558,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PNW. Brighton Jones LLC acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at about $417,000. GAMMA Investing LLC raised its holdings in shares of Pinnacle West Capital by 39.3% during the first quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider’s stock valued at $201,000 after purchasing an additional 595 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Pinnacle West Capital by 17.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 35,082 shares of the utilities provider’s stock valued at $3,342,000 after purchasing an additional 5,307 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Pinnacle West Capital during the first quarter valued at about $1,078,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Pinnacle West Capital by 9.4% during the first quarter. Oppenheimer & Co. Inc. now owns 5,208 shares of the utilities provider’s stock valued at $496,000 after purchasing an additional 447 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

PNW stock opened at $92.10 on Friday. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm has a market cap of $11.00 billion, a PE ratio of 18.99, a P/E/G ratio of 9.58 and a beta of 0.46. The business has a 50 day moving average of $89.71 and a 200-day moving average of $90.78. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50.

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

Pinnacle West Capital Increases Dividend

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

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares of the company’s stock, 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 SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNW. UBS Group upped their price objective 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. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. KeyCorp lowered 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. BMO Capital Markets restated a “market perform” rating and issued a $99.00 target price on shares of Pinnacle West Capital in a report on Monday. Finally, Zacks Research lowered shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Six research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $97.00.

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.