Nisa Investment Advisors LLC trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW) by 18.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,340 shares of the utilities provider’s stock after selling 7,820 shares during the period. Nisa Investment Advisors LLC’s holdings in Pinnacle West Capital were worth $2,517,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of PNW. Brand Asset Management Group Inc. acquired a new stake in shares of Pinnacle West Capital in the 2nd quarter worth about $26,000. PrairieView Partners LLC acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $38,000. Certified Advisory Corp acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $38,000. Arden Trust Co acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $45,000. Finally, Ameritas Investment Company LLC acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $59,000. Institutional investors and hedge funds own 84.26% of the company’s stock.
Several research firms have commented on PNW. Wells Fargo & Co upgraded shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $110.00 to $87.00 in a research note on Friday, April 24th. Barclays upgraded shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and set a $89.00 price objective for the company in a research note on Thursday, June 18th. Royal Bank of Canada reiterated a “hold” rating and issued a $86.00 price objective on shares of Pinnacle West Capital in a research note on Thursday, April 30th. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $75.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Goldman Sachs Group upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $93.00 price objective for the company in a research note on Monday, June 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $90.27.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.11. The company had revenue of $661.93 million during the quarter, compared to the consensus estimate of $749.63 million. Pinnacle West Capital had a net margin of 16.22% and a return on equity of 9.92%. Pinnacle West Capital’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. Research analysts forecast that Pinnacle West Capital Co. will post 4.83 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be issued a $0.7825 dividend. This represents a $3.13 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Friday, July 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 65.62%.
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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