BB&T Securities LLC trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 40.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,782 shares of the utilities provider’s stock after selling 2,573 shares during the quarter. BB&T Securities LLC’s holdings in Pinnacle West Capital were worth $340,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. Harvest Fund Management Co. Ltd acquired a new position in shares of Pinnacle West Capital during the second quarter valued at $35,000. HM Payson & Co. acquired a new position in shares of Pinnacle West Capital during the second quarter valued at $37,000. CSat Investment Advisory L.P. increased its holdings in shares of Pinnacle West Capital by 50.3% during the second quarter. CSat Investment Advisory L.P. now owns 448 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 150 shares during the period. Old North State Trust LLC increased its holdings in shares of Pinnacle West Capital by 27.6% during the second quarter. Old North State Trust LLC now owns 721 shares of the utilities provider’s stock valued at $68,000 after purchasing an additional 156 shares during the period. Finally, Cerebellum GP LLC acquired a new position in shares of Pinnacle West Capital during the third quarter valued at $68,000. Institutional investors own 88.32% of the company’s stock.
A number of brokerages have recently commented on PNW. UBS Group raised their price target on Pinnacle West Capital from $99.00 to $104.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Credit Suisse Group raised their price target on Pinnacle West Capital from $101.00 to $108.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Tuesday, July 30th. SunTrust Banks lowered their price target 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, Wells Fargo & Co reissued a “hold” rating on shares of Pinnacle West Capital in a report on Friday, August 9th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $95.83.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($0.23). The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.25 billion. Pinnacle West Capital had a return on equity of 9.19% and a net margin of 14.07%. Pinnacle West Capital’s revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.80 earnings per share. Sell-side analysts expect that Pinnacle West Capital Co. will post 4.73 EPS for the current year.
The company 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 a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $3.13 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Friday, November 1st. Pinnacle West Capital’s payout ratio is presently 68.94%.
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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