Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,071 shares of the utilities provider’s stock after selling 1,813 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Pinnacle West Capital were worth $1,488,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its stake in Pinnacle West Capital by 8.0% during the first quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock worth $1,718,000 after acquiring an additional 1,630 shares during the period. MetLife Investment Management LLC grew its holdings in shares of Pinnacle West Capital by 23.1% during the first quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock valued at $2,397,000 after purchasing an additional 5,768 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Pinnacle West Capital by 5.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock worth $2,599,000 after purchasing an additional 1,681 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Pinnacle West Capital by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 494,515 shares of the utilities provider’s stock worth $38,620,000 after purchasing an additional 31,526 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Pinnacle West Capital by 7.8% during the 1st quarter. Sei Investments Co. now owns 135,551 shares of the utilities provider’s stock valued at $10,571,000 after purchasing an additional 9,777 shares during the period. Institutional investors own 85.21% of the company’s stock.

Insider Transactions at Pinnacle West Capital

In related news, CEO Barbara D. Lockwood sold 689 shares of the firm’s stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $77.88, for a total transaction of $53,659.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. StockNews.com assumed coverage on Pinnacle West Capital in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. KeyCorp cut their price objective on shares of Pinnacle West Capital from $62.00 to $56.00 and set an “underweight” rating on the stock in a research report on Thursday, October 20th. Evercore ISI set a $72.00 target price on shares of Pinnacle West Capital in a research report on Thursday, November 24th. Guggenheim upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and raised their price target for the company from $54.00 to $70.00 in a research note on Friday, November 18th. Finally, Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $70.00 to $82.00 in a research report on Wednesday, December 14th. Four analysts have rated the stock with a sell rating and eight have given a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $73.82.

Pinnacle West Capital Stock Performance

PNW opened at $74.19 on Friday. The business has a 50 day moving average price of $76.25 and a two-hundred day moving average price of $72.91. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.98 and a quick ratio of 0.77. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 15.72 and a beta of 0.43. Pinnacle West Capital Co. has a 1-year low of $59.03 and a 1-year high of $80.60.

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

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Wednesday, February 1st will be given a dividend of $0.865 per share. The ex-dividend date is Tuesday, January 31st. This represents a $3.46 annualized dividend and a dividend yield of 4.66%. Pinnacle West Capital’s dividend payout ratio (DPR) is 73.31%.

About Pinnacle West Capital

(Get Rating)

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.