First Financial Equity Corporation bought a new stake in Pinnacle West Capital Corporation (NYSE:PNW) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,961 shares of the utilities provider’s stock, valued at approximately $581,000.
Other institutional investors have also added to or reduced their stakes in the company. Tompkins Financial Corp boosted its position in Pinnacle West Capital Corporation by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock valued at $113,000 after buying an additional 200 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in Pinnacle West Capital Corporation during the fourth quarter valued at about $2,395,000. Candriam Luxembourg S.C.A. acquired a new position in Pinnacle West Capital Corporation during the first quarter valued at about $1,854,000. Prudential PLC boosted its position in Pinnacle West Capital Corporation by 9.3% in the fourth quarter. Prudential PLC now owns 9,400 shares of the utilities provider’s stock valued at $733,000 after buying an additional 800 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in Pinnacle West Capital Corporation during the first quarter valued at about $270,000. Institutional investors own 84.47% of the company’s stock.
Pinnacle West Capital Corporation (NYSE PNW) traded down 0.24% during midday trading on Wednesday, hitting $88.60. The company had a trading volume of 846,857 shares. The stock has a market cap of $9.88 billion, a price-to-earnings ratio of 21.52 and a beta of 0.38. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $89.56. The company’s 50 day moving average is $86.49 and its 200 day moving average is $81.93.
Pinnacle West Capital Corporation (NYSE:PNW) last announced its earnings results on Tuesday, May 2nd. The utilities provider reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.06. Pinnacle West Capital Corporation had a return on equity of 9.40% and a net margin of 13.17%. The firm had revenue of $677.73 million for the quarter, compared to analysts’ expectations of $704.09 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Pinnacle West Capital Corporation will post $4.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 1st were issued a dividend of $0.655 per share. The ex-dividend date was Thursday, April 27th. This represents a $2.62 annualized dividend and a yield of 2.96%. Pinnacle West Capital Corporation’s payout ratio is 63.75%.
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Several equities analysts have issued reports on PNW shares. Zacks Investment Research cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, March 8th. BMO Capital Markets reiterated a “hold” rating and set a $86.00 target price on shares of Pinnacle West Capital Corporation in a research report on Wednesday, May 17th. Mizuho boosted their target price on Pinnacle West Capital Corporation from $78.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday, February 27th. Williams Capital cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating and set a $79.00 target price on the stock. in a research report on Tuesday, March 7th. Finally, Morgan Stanley dropped their target price on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a research report on Monday, May 8th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $80.86.
In related news, CFO James R. Hatfield sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $84.35, for a total transaction of $843,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Denis A. Cortese sold 1,776 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $83.85, for a total value of $148,917.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,875 shares of company stock worth $6,003,922. 0.70% of the stock is owned by corporate insiders.
About Pinnacle West Capital Corporation
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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