MAI Capital Management Reduces Stake in Pinnacle West Capital Co. (PNW)

MAI Capital Management decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 9.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,212 shares of the utilities provider’s stock after selling 341 shares during the period. MAI Capital Management’s holdings in Pinnacle West Capital were worth $307,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. FMR LLC boosted its position in shares of Pinnacle West Capital by 19.5% in the 4th quarter. FMR LLC now owns 940,646 shares of the utilities provider’s stock worth $80,143,000 after purchasing an additional 153,450 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Pinnacle West Capital during the 4th quarter worth $2,490,000. Gateway Investment Advisers LLC raised its stake in Pinnacle West Capital by 0.5% during the 4th quarter. Gateway Investment Advisers LLC now owns 82,606 shares of the utilities provider’s stock worth $7,038,000 after buying an additional 428 shares during the period. Vanguard Group Inc raised its stake in Pinnacle West Capital by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock worth $963,063,000 after buying an additional 155,601 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in shares of Pinnacle West Capital by 6.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,350 shares of the utilities provider’s stock valued at $1,222,000 after purchasing an additional 885 shares during the period. 84.70% of the stock is owned by hedge funds and other institutional investors.

Several analysts have issued reports on the company. Zacks Investment Research downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Friday, May 10th. Morgan Stanley set a $98.00 price objective on Pinnacle West Capital and gave the company a “hold” rating in a report on Thursday, May 16th. Williams Capital restated a “hold” rating on shares of Pinnacle West Capital in a report on Monday, March 18th. Finally, Wells Fargo & Co restated a “market perform” rating and issued a $99.00 price objective (up previously from $93.00) on shares of Pinnacle West Capital in a report on Sunday, February 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $94.09.

Shares of NYSE:PNW traded down $0.65 during trading on Friday, reaching $96.67. 544,615 shares of the stock were exchanged, compared to its average volume of 1,006,005. Pinnacle West Capital Co. has a 12 month low of $73.41 and a 12 month high of $97.37. The stock has a market cap of $10.93 billion, a PE ratio of 21.29, a P/E/G ratio of 3.96 and a beta of 0.18. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 0.92.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Pinnacle West Capital had a return on equity of 9.84% and a net margin of 14.06%. The firm had revenue of $740.53 million for the quarter, compared to the consensus estimate of $718.60 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company’s revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Pinnacle West Capital Co. will post 4.85 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a $0.7375 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.05%. Pinnacle West Capital’s payout ratio is 64.98%.

In other Pinnacle West Capital news, Director Michael L. Gallagher sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $95.90, for a total transaction of $479,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Donald E. Brandt sold 30,001 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $92.85, for a total transaction of $2,785,592.85. Following the transaction, the chief executive officer now owns 67,010 shares of the company’s stock, valued at $6,221,878.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,420 shares of company stock valued at $4,895,239. 0.41% of the stock is owned by company insiders.

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About Pinnacle West Capital

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 generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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