Ontario Teachers Pension Plan Board Grows Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Ontario Teachers Pension Plan Board raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 273.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,831 shares of the utilities provider’s stock after purchasing an additional 9,393 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Pinnacle West Capital were worth $1,226,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in Pinnacle West Capital by 59.6% in the third quarter. JPMorgan Chase & Co. now owns 240,727 shares of the utilities provider’s stock valued at $19,062,000 after purchasing an additional 89,851 shares during the last quarter. Vanguard Group Inc boosted its holdings in Pinnacle West Capital by 1.3% in the third quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock valued at $963,063,000 after purchasing an additional 155,601 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Pinnacle West Capital by 15.8% in the fourth quarter. Advisors Asset Management Inc. now owns 10,733 shares of the utilities provider’s stock valued at $914,000 after purchasing an additional 1,467 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Pinnacle West Capital by 106.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 16,322 shares of the utilities provider’s stock valued at $1,391,000 after purchasing an additional 8,397 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Pinnacle West Capital by 0.7% in the fourth quarter. Rhumbline Advisers now owns 226,689 shares of the utilities provider’s stock valued at $19,314,000 after purchasing an additional 1,483 shares during the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

Shares of PNW stock traded down $0.17 during mid-day trading on Monday, hitting $93.92. 663,222 shares of the stock were exchanged, compared to its average volume of 1,012,935. The company has a market capitalization of $10.56 billion, a P/E ratio of 20.69, a PEG ratio of 3.89 and a beta of 0.18. Pinnacle West Capital Co. has a 52-week low of $77.19 and a 52-week high of $99.81. The stock’s fifty day moving average price is $96.15. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.36 and a current ratio of 0.55.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). The company had revenue of $740.53 million during the quarter, compared to analysts’ expectations of $718.60 million. Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. On average, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.85 EPS for the current fiscal year.

The firm 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 $0.738 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.95 dividend on an annualized basis and a yield of 3.14%. Pinnacle West Capital’s dividend payout ratio is presently 64.98%.

In other Pinnacle West Capital news, Director Michael L. Gallagher sold 5,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Denis A. Cortese sold 3,014 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $94.12, for a total transaction of $283,677.68. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Several research firms have commented on PNW. Morgan Stanley lowered shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $98.00 to $90.00 in a report on Wednesday, June 12th. Zacks Investment Research raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a report on Monday, May 20th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Friday, May 10th. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a research note on Monday, April 15th. Finally, Credit Suisse Group set a $102.00 target price on shares of Pinnacle West Capital and gave the stock a “buy” rating in a research note on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $93.36.

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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