Naples Global Advisors LLC Buys 500 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Naples Global Advisors LLC grew its position in Pinnacle West Capital Co. (NYSE:PNW) by 5.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 10,333 shares of the utilities provider’s stock after buying an additional 500 shares during the period. Naples Global Advisors LLC’s holdings in Pinnacle West Capital were worth $789,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in Pinnacle West Capital during the first quarter valued at $898,000. abrdn plc raised its holdings in Pinnacle West Capital by 120.0% in the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares during the period. Virtu Financial LLC purchased a new position in Pinnacle West Capital during the fourth quarter valued at $977,000. Quantbot Technologies LP purchased a new position in Pinnacle West Capital during the first quarter valued at $1,102,000. Finally, Duality Advisers LP bought a new stake in Pinnacle West Capital during the fourth quarter valued at about $1,422,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Up 0.6 %

Shares of PNW traded up $0.50 during trading hours on Friday, reaching $86.45. 749,938 shares of the company traded hands, compared to its average volume of 1,147,030. The firm has a market cap of $9.82 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.26 and a beta of 0.50. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $89.39. The stock’s fifty day moving average price is $80.43 and its 200 day moving average price is $75.49. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the company earned $0.94 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be issued a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 4.07%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays reduced their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Morgan Stanley decreased their target price on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Citigroup initiated coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 target price for the company. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $77.41.

About Pinnacle West Capital

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.