Pinnacle West Capital Corporation $PNW Shares Purchased by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. boosted its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 79.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,295 shares of the utilities provider’s stock after acquiring an additional 14,292 shares during the period. Jefferies Financial Group Inc.’s holdings in Pinnacle West Capital were worth $3,005,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. First Command Advisory Services Inc. purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth $65,000. Illinois Municipal Retirement Fund purchased a new stake in Pinnacle West Capital in the 3rd quarter valued at about $822,000. AlphaCore Capital LLC raised its holdings in Pinnacle West Capital by 211.3% in the 3rd quarter. AlphaCore Capital LLC now owns 6,796 shares of the utilities provider’s stock valued at $632,000 after buying an additional 4,613 shares during the period. StoneX Group Inc. purchased a new stake in Pinnacle West Capital in the 3rd quarter valued at about $279,000. Finally, Parallel Advisors LLC lifted its position in Pinnacle West Capital by 2.7% in the third quarter. Parallel Advisors LLC now owns 5,025 shares of the utilities provider’s stock valued at $468,000 after buying an additional 132 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNW has been the subject of several research analyst reports. Mizuho set a $109.00 target price on shares of Pinnacle West Capital in a research note on Tuesday, November 3rd. Barclays reduced their price target on shares of Pinnacle West Capital from $108.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 1st. Scotiabank assumed coverage on shares of Pinnacle West Capital in a research note on Tuesday, September 29th. They issued a “sector outperform” rating and a $104.00 price target on the stock. Truist Financial decreased their price objective on shares of Pinnacle West Capital from $101.00 to $99.00 and set a “hold” rating on the stock in a report on Monday, October 5th. Finally, Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 21st. Five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $103.77.

Insider Activity at Pinnacle West Capital

In related news, Director Paula J. Sims sold 2,000 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $105.44, for a total value of $210,880.00. Following the completion of the transaction, the director owned 9,032 shares in the company, valued at approximately $952,334.08. The trade was a 18.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Pinnacle West Capital Price Performance

PNW stock opened at $107.09 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.50 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $12.98 billion, a PE ratio of 20.28, a P/E/G ratio of 3.77 and a beta of 0.48. Pinnacle West Capital Corporation has a 12-month low of $86.18 and a 12-month high of $111.16. The business’s fifty day moving average price is $99.77 and its 200 day moving average price is $100.91.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.32 by $0.17. The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Pinnacle West Capital had a return on equity of 9.18% and a net margin of 11.59%. Pinnacle West Capital’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the business posted $3.39 EPS. On average, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 4.92 EPS for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be paid a $0.9250 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.91. This represents a $3.70 annualized dividend and a dividend yield of 3.5%. Pinnacle West Capital’s payout ratio is 69.55%.

About Pinnacle West Capital

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers. APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy. Pinnacle West became the parent company of APS in 1985.