Cigna Investments Inc. New increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 36.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 4,453 shares of the utilities provider’s stock after buying an additional 1,179 shares during the quarter. Cigna Investments Inc. New’s holdings in Pinnacle West Capital were worth $425,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the business. FMR LLC lifted its holdings in 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 in the last quarter. Gotham Asset Management LLC bought a new stake in Pinnacle West Capital in the 4th quarter worth approximately $2,490,000. Vanguard Group Inc increased its stake in Pinnacle West Capital by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock worth $963,063,000 after acquiring an additional 155,601 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in 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 worth $1,222,000 after acquiring an additional 885 shares during the last quarter. Finally, Wakefield Asset Management LLLP increased its stake in Pinnacle West Capital by 2.1% in the 1st quarter. Wakefield Asset Management LLLP now owns 10,705 shares of the utilities provider’s stock worth $1,023,000 after acquiring an additional 225 shares during the last quarter. 85.17% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Michael L. Gallagher sold 5,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $95.90, for a total transaction of $479,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Denis A. Cortese sold 3,014 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $94.12, for a total value of $283,677.68. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.
A number of analysts have issued reports on PNW shares. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 price objective on the stock in a research note on Monday, May 20th. Morgan Stanley downgraded Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $98.00 to $90.00 in a research report on Wednesday, June 12th. Williams Capital reissued a “hold” rating on shares of Pinnacle West Capital in a research report on Monday, March 18th. ValuEngine downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. Finally, Credit Suisse Group set a $102.00 target price on Pinnacle West Capital and gave the company a “buy” rating in a research report on Monday, April 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $93.36.
Shares of PNW stock traded down $2.16 during mid-day trading on Wednesday, hitting $94.48. The stock had a trading volume of 1,145,178 shares, compared to its average volume of 1,014,215. Pinnacle West Capital Co. has a 12-month low of $77.19 and a 12-month high of $99.81. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 20.81, a P/E/G ratio of 4.01 and a beta of 0.20. The stock has a 50-day moving average of $96.13. 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 earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $718.60 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Pinnacle West Capital’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Pinnacle West Capital Co. will post 4.85 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be paid a dividend of $0.738 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Wednesday, July 31st. Pinnacle West Capital’s dividend payout ratio is 64.98%.
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 generating facilities. The company serves approximately 1.2 million customers.
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