AE Wealth Management LLC Cuts Holdings in Pinnacle West Capital Co. (NYSE:PNW)

AE Wealth Management LLC decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 95.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,798 shares of the utilities provider’s stock after selling 86,981 shares during the quarter. AE Wealth Management LLC’s holdings in Pinnacle West Capital were worth $245,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Pinnacle West Capital by 18.4% during the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock worth $539,808,000 after acquiring an additional 1,072,235 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Pinnacle West Capital by 823.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,109,566 shares of the utilities provider’s stock worth $81,131,000 after acquiring an additional 989,421 shares in the last quarter. Invesco Ltd. boosted its position in shares of Pinnacle West Capital by 29.6% during the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after acquiring an additional 808,207 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Pinnacle West Capital by 3.7% during the 2nd quarter. Lazard Asset Management LLC now owns 10,202,529 shares of the utilities provider’s stock worth $746,008,000 after acquiring an additional 362,357 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Pinnacle West Capital by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after acquiring an additional 241,019 shares in the last quarter. Hedge funds and other institutional investors own 85.21% of the company’s stock.

Insider Transactions at Pinnacle West Capital

In other news, CEO Barbara D. Lockwood sold 689 shares of the stock in a transaction that occurred on Tuesday, December 6th. The stock was sold at an average price of $77.88, for a total transaction of $53,659.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on PNW shares. Guggenheim raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $54.00 to $70.00 in a research report on Friday, November 18th. StockNews.com assumed coverage on Pinnacle West Capital in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Credit Suisse Group raised Pinnacle West Capital from an “underperform” rating to a “neutral” rating and upped their target price for the company from $60.00 to $73.00 in a research report on Monday, November 21st. Evercore ISI set a $72.00 target price on Pinnacle West Capital in a research report on Thursday, November 24th. Finally, Siebert Williams Shank upped their target price on Pinnacle West Capital to $91.00 in a research report on Monday, November 28th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $73.82.

Pinnacle West Capital Stock Down 1.0 %

Pinnacle West Capital stock opened at $74.39 on Thursday. Pinnacle West Capital Co. has a twelve month low of $59.03 and a twelve month high of $80.60. The stock has a 50 day moving average of $76.22 and a two-hundred day moving average of $72.91. The company has a current ratio of 0.98, a quick ratio of 0.77 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 15.76 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its earnings results on Thursday, November 3rd. The utilities provider reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.26. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.32 billion. Pinnacle West Capital had a return on equity of 8.75% and a net margin of 13.01%. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.16 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Wednesday, February 1st will be paid a dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend is Tuesday, January 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is 73.31%.

About Pinnacle West Capital

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Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.