Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by MUFG Americas Holdings Corp

MUFG Americas Holdings Corp trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,793 shares of the utilities provider’s stock after selling 485 shares during the period. MUFG Americas Holdings Corp’s holdings in Pinnacle West Capital were worth $2,018,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. 6 Meridian boosted its stake in Pinnacle West Capital by 1.9% in the 2nd quarter. 6 Meridian now owns 5,677 shares of the utilities provider’s stock worth $534,000 after buying an additional 107 shares during the last quarter. Silver Lake Advisory LLC boosted its stake in Pinnacle West Capital by 0.7% in the 2nd quarter. Silver Lake Advisory LLC now owns 17,571 shares of the utilities provider’s stock worth $1,653,000 after buying an additional 120 shares during the last quarter. Zacks Investment Management raised its holdings in shares of Pinnacle West Capital by 0.4% in the 2nd quarter. Zacks Investment Management now owns 28,575 shares of the utilities provider’s stock worth $2,689,000 after purchasing an additional 127 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Pinnacle West Capital by 0.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 17,340 shares of the utilities provider’s stock worth $1,631,000 after purchasing an additional 128 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of Pinnacle West Capital by 7.6% in the 2nd quarter. Parallel Advisors LLC now owns 1,822 shares of the utilities provider’s stock worth $171,000 after purchasing an additional 129 shares during the period. 88.32% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently commented on PNW shares. Williams Capital restated a “hold” rating and issued a $97.00 price objective (up from $87.00) on shares of Pinnacle West Capital in a report on Monday, August 12th. Credit Suisse Group raised their price objective on Pinnacle West Capital from $101.00 to $108.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Bank of America downgraded Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 price objective on the stock. in a report on Friday, November 8th. SunTrust Banks cut their price objective on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, Evercore ISI downgraded Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a report on Friday, August 9th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $95.83.

Shares of NYSE:PNW traded up $0.62 during mid-day trading on Friday, hitting $87.61. 608,672 shares of the company traded hands, compared to its average volume of 999,044. The firm has a market cap of $9.66 billion, a P/E ratio of 19.30, a PEG ratio of 3.77 and a beta of 0.06. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.52 and a current ratio of 0.71. Pinnacle West Capital Co. has a 52-week low of $81.63 and a 52-week high of $99.81. The firm’s 50 day simple moving average is $93.50 and its 200 day simple moving average is $94.44.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, November 7th. The utilities provider reported $2.77 EPS for the quarter, missing the consensus estimate of $3.00 by ($0.23). The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Pinnacle West Capital had a net margin of 14.07% and a return on equity of 9.19%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.80 earnings per share. Equities research analysts expect that Pinnacle West Capital Co. will post 4.7 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a dividend of $0.7825 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $3.13 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, November 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 68.94%.

In related news, VP Barbara D. Lockwood sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $86.19, for a total transaction of $150,832.50. Following the sale, the vice president now directly owns 1,646 shares in the company, valued at approximately $141,868.74. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.41% of the company’s stock.

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

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