Sei Investments Co. Has $12.60 Million Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Sei Investments Co. decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 27.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 164,978 shares of the utilities provider’s stock after selling 63,577 shares during the period. Sei Investments Co. owned 0.15% of Pinnacle West Capital worth $12,601,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. grew its holdings in Pinnacle West Capital by 4.7% during the second quarter. Pacer Advisors Inc. now owns 8,049 shares of the utilities provider’s stock valued at $615,000 after purchasing an additional 361 shares during the last quarter. AE Wealth Management LLC acquired a new position in Pinnacle West Capital in the 2nd quarter valued at $442,000. Hsbc Holdings PLC lifted its position in Pinnacle West Capital by 11.5% during the 2nd quarter. Hsbc Holdings PLC now owns 543,885 shares of the utilities provider’s stock worth $41,534,000 after acquiring an additional 56,068 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Pinnacle West Capital by 13.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,735 shares of the utilities provider’s stock worth $887,000 after acquiring an additional 1,353 shares during the last quarter. Finally, Amalgamated Bank grew its position in shares of Pinnacle West Capital by 12.7% in the second quarter. Amalgamated Bank now owns 36,849 shares of the utilities provider’s stock valued at $2,815,000 after purchasing an additional 4,139 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PNW shares. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays dropped their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $80.54.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $88.20 on Friday. The firm has a market capitalization of $10.02 billion, a P/E ratio of 19.22, a P/E/G ratio of 2.30 and a beta of 0.52. The stock has a fifty day moving average price of $87.10 and a two-hundred day moving average price of $79.48. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. As a group, analysts anticipate that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.