Texas Permanent School Fund Corp Sells 4,687 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Texas Permanent School Fund Corp lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 20.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,753 shares of the utilities provider’s stock after selling 4,687 shares during the period. Texas Permanent School Fund Corp’s holdings in Pinnacle West Capital were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in PNW. Blue Trust Inc. increased its stake in 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 acquiring an additional 291 shares during the period. Cape Investment Advisory Inc. bought a new position in Pinnacle West Capital during the 1st quarter worth $30,000. Newbridge Financial Services Group Inc. increased its stake in Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 199 shares during the period. Rise Advisors LLC bought a new position in Pinnacle West Capital during the 1st quarter worth $36,000. Finally, Riverview Trust Co bought a new position in Pinnacle West Capital during the 1st quarter worth $46,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday. They issued a “buy” rating and a $104.00 price target on the stock. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price target for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Morgan Stanley lifted their price target on Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $80.13.

Pinnacle West Capital Trading Down 1.3 %

NYSE PNW opened at $89.03 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. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a market cap of $10.11 billion, a price-to-earnings ratio of 19.40, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52. The business’s fifty day moving average is $86.26 and its 200 day moving average is $78.81.

Pinnacle West Capital (NYSE:PNW) last announced its 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. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. As a group, sell-side analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated Friday, August 9th. The stock was 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 of the company’s stock, valued at approximately $548,862.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

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.