State of Alaska Department of Revenue Buys 895 Shares of Pinnacle West Capital Co. (NYSE:PNW)

State of Alaska Department of Revenue boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,430 shares of the utilities provider’s stock after purchasing an additional 895 shares during the quarter. State of Alaska Department of Revenue’s holdings in Pinnacle West Capital were worth $2,606,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $898,000. Quantbot Technologies LP bought a new stake in Pinnacle West Capital in the 1st quarter worth approximately $1,102,000. Natixis purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $4,064,000. Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle West Capital by 148.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock valued at $1,341,000 after acquiring an additional 10,732 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Pinnacle West Capital by 15.6% in the first quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock valued at $17,080,000 after purchasing an additional 30,924 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $87.81 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The stock’s fifty day moving average is $88.27 and its two-hundred day moving average is $82.05. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57. The company has a market capitalization of $9.98 billion, a PE ratio of 16.29, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52.

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

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is currently 66.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNW. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company upped their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $80.79.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan T. Flanagan bought 500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the transaction, the director now directly owns 750 shares in the company, valued at approximately $64,905. This trade represents a 200.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.23% of the company’s stock.

Pinnacle West Capital Profile

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.