New York State Teachers Retirement System Trims Holdings in Pinnacle West Capital Co. (NYSE:PNW)

New York State Teachers Retirement System reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 0.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,438 shares of the utilities provider’s stock after selling 226 shares during the quarter. New York State Teachers Retirement System’s holdings in Pinnacle West Capital were worth $11,109,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $25,000. Blue Trust Inc. boosted its holdings in Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. First United Bank & Trust purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $30,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNW has been the subject of several analyst reports. Morgan Stanley increased their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. Citigroup assumed coverage on Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective for the company. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price target for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. Barclays cut their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, Wells Fargo & Company increased 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 report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $77.95.

Pinnacle West Capital Stock Down 0.1 %

PNW stock traded down $0.05 during trading on Friday, hitting $87.06. 803,605 shares of the company’s stock were exchanged, compared to its average volume of 1,130,642. The stock has a market capitalization of $9.89 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 2.26 and a beta of 0.50. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $89.39. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The business has a 50-day moving average price of $81.48 and a two-hundred day moving average price of $76.11.

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

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital’s payout ratio is 76.69%.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.