Pinnacle West Capital Co. (PNW) Shares Bought by ING Groep NV


ING Groep NV lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,423 shares of the utilities provider’s stock after acquiring an additional 800 shares during the quarter. ING Groep NV’s holdings in Pinnacle West Capital were worth $912,000 at the end of the most recent quarter.


Other institutional investors and hedge funds have also modified their holdings of the company. Kovack Advisors Inc. purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $202,000. Newport Wealth Strategies Inc. purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $238,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Pinnacle West Capital during the first quarter valued at approximately $271,000. IBM Retirement Fund purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $281,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $290,000. 82.95% of the stock is owned by institutional investors.


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In other news, Director Kathryn L. Munro sold 2,666 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total value of $200,909.76. Following the completion of the transaction, the director now directly owns 15,630 shares of the company’s stock, valued at $1,177,876.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total value of $3,018,380.09. Following the completion of the transaction, the chief executive officer now directly owns 88,741 shares of the company’s stock, valued at $6,853,467.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,894 shares of company stock valued at $3,382,610. 0.53% of the stock is owned by corporate insiders.


Shares of NYSE PNW opened at $76.54 on Friday. Pinnacle West Capital Co. has a 1-year low of $73.81 and a 1-year high of $92.48. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 3.59 and a beta of 0.26. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.51 and a quick ratio of 0.35.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.07). Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The firm had revenue of $692.71 million for the quarter, compared to the consensus estimate of $680.96 million. During the same period last year, the company posted $0.21 earnings per share. Pinnacle West Capital’s revenue for the quarter was up 2.2% on a year-over-year basis. analysts anticipate that Pinnacle West Capital Co. will post 4.45 earnings per share for the current year.


The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 1st will be issued a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.63%. The ex-dividend date is Monday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is 63.91%.

A number of analysts recently commented on PNW shares. Royal Bank of Canada raised Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research report on Thursday, March 8th. Wells Fargo downgraded Pinnacle West Capital from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $98.00 to $85.00 in a research report on Monday, February 26th. They noted that the move was a valuation call. Morgan Stanley set a $80.00 price target on Pinnacle West Capital and gave the company a “hold” rating in a research report on Thursday, March 8th. Bank of America raised Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 price target for the company in a research report on Friday, May 4th. They noted that the move was a valuation call. Finally, Guggenheim reaffirmed a “hold” rating and set a $80.00 price target on shares of Pinnacle West Capital in a research report on Friday, February 23rd. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $84.64.


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 resources. The company serves approximately 1.2 million homes and businesses.

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

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