Wealth Enhancement Advisory Services LLC Has $2.09 Million Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Wealth Enhancement Advisory Services LLC raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 8.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,592 shares of the utilities provider’s stock after purchasing an additional 1,868 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Pinnacle West Capital were worth $2,090,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. lifted its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital during the first quarter worth $30,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at $52,000. First Horizon Advisors Inc. grew its holdings in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Pinnacle West Capital in the 2nd quarter worth about $82,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $85.83 on Friday. The company has a market cap of $9.75 billion, a PE ratio of 15.87, a PEG ratio of 2.18 and a beta of 0.52. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57. The company’s 50-day moving average is $88.26 and its two-hundred day moving average is $82.26.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating 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 business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Pinnacle West Capital’s revenue was up 15.7% compared to the same quarter last year. Equities analysts anticipate that Pinnacle West Capital Co. will post 4.88 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.17%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is 65.06%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company raised their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $80.79.

Insider Transactions at Pinnacle West Capital

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

Pinnacle West Capital Company 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.