Raymond James Financial Services Advisors Inc. Reduces Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James Financial Services Advisors Inc. lessened its holdings in Pinnacle West Capital Co. (NYSE:PNWGet Rating) by 7.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,071 shares of the utilities provider’s stock after selling 1,813 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Pinnacle West Capital were worth $1,488,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. HighTower Advisors LLC lifted its stake in Pinnacle West Capital by 8.0% in the 1st quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock valued at $1,718,000 after buying an additional 1,630 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of Pinnacle West Capital by 23.1% in the first quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock valued at $2,397,000 after acquiring an additional 5,768 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Pinnacle West Capital by 5.6% during the first quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock valued at $2,599,000 after acquiring an additional 1,681 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Pinnacle West Capital by 6.8% during 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 in the last quarter. Finally, Sei Investments Co. raised its stake in Pinnacle West Capital by 7.8% in 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 last quarter. 85.21% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $74.19 on Friday. The firm has a fifty day simple moving average of $76.25 and a 200-day simple moving average of $72.91. The company has a market capitalization of $8.39 billion, a PE ratio of 15.72 and a beta of 0.43. Pinnacle West Capital Co. has a twelve month low of $59.03 and a twelve month high of $80.60. The company has a current ratio of 0.98, a quick ratio of 0.77 and a debt-to-equity ratio of 1.15.

Pinnacle West Capital (NYSE:PNWGet Rating) last posted its quarterly earnings data on Thursday, November 3rd. The utilities provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.26. Pinnacle West Capital had a net margin of 13.01% and a return on equity of 8.75%. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Equities research analysts anticipate that Pinnacle West Capital Co. will post 4.16 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

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

Insider Activity

In other Pinnacle West Capital news, CEO Barbara D. Lockwood sold 689 shares of the stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $77.88, for a total transaction of $53,659.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Mizuho lifted their price target on shares of Pinnacle West Capital from $77.00 to $78.00 and gave the stock a “neutral” rating in a report on Tuesday, December 20th. Guggenheim upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $54.00 to $70.00 in a report on Friday, November 18th. Evercore ISI set a $72.00 target price on shares of Pinnacle West Capital in a report on Thursday, November 24th. StockNews.com started coverage on Pinnacle West Capital in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Credit Suisse Group upgraded shares of Pinnacle West Capital from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $60.00 to $73.00 in a research note on Monday, November 21st. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus price target of $73.82.

Pinnacle West Capital Profile

(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.

Further Reading

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNWGet Rating).

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.