US Bancorp DE Trims Position in Pinnacle West Capital Corporation $PNW

US Bancorp DE cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 1.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,121 shares of the utilities provider’s stock after selling 274 shares during the quarter. US Bancorp DE’s holdings in Pinnacle West Capital were worth $2,337,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC purchased a new position in shares of Pinnacle West Capital during the first quarter worth $25,000. Costello Asset Management INC purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $26,000. Ameritas Advisory Services LLC purchased a new position in shares of Pinnacle West Capital during the 2nd quarter valued at about $31,000. Brooklyn Investment Group raised its stake in shares of Pinnacle West Capital by 440.0% during the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after buying an additional 396 shares during the last quarter. Finally, HM Payson & Co. raised its position in Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after acquiring an additional 196 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were 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 owned 56 shares of the company’s stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $93.49 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The business has a 50 day simple moving average of $89.68 and a two-hundred day simple moving average of $90.78. The stock has a market capitalization of $11.17 billion, a P/E ratio of 19.28, a PEG ratio of 9.51 and a beta of 0.46. 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, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PNW shares. UBS Group lifted their price target on Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday. Zacks Research lowered shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. Mizuho cut shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. KeyCorp cut their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, July 16th. Finally, Barclays lifted their price objective on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $96.64.

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.