Evergreen Capital Management LLC acquired a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 3,694 shares of the utilities provider’s stock, valued at approximately $295,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. MANA Advisors LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at about $557,000. SWS Partners bought a new position in Pinnacle West Capital in the fourth quarter valued at about $1,515,000. MetLife Investment Advisors LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at about $2,945,000. Stone Ridge Asset Management LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at about $2,945,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in Pinnacle West Capital by 8.5% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,708 shares of the utilities provider’s stock valued at $1,082,000 after purchasing an additional 999 shares during the last quarter. 82.91% of the stock is currently owned by institutional investors.
In related news, EVP Mark A. Schiavoni sold 9,534 shares of the business’s stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total transaction of $753,376.68. Following the completion of the transaction, the executive vice president now directly owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is owned by insiders.
Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.07). Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The firm had revenue of $692.71 million during the quarter, compared to the consensus estimate of $680.96 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st will be given a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.55%. Pinnacle West Capital’s payout ratio is 63.91%.
A number of equities analysts have recently issued reports on PNW shares. Morgan Stanley set a $80.00 price objective on Pinnacle West Capital and gave the company a “hold” rating in a research note on Thursday, March 8th. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research note on Tuesday, April 3rd. SunTrust Banks reissued a “hold” rating and issued a $82.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, April 11th. Royal Bank of Canada raised Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research report on Thursday, March 8th. Finally, Wells Fargo & Co cut Pinnacle West Capital from an “outperform” rating to a “market perform” rating and cut their target price for the company from $98.00 to $85.00 in a research report on Monday, February 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $83.82.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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