Cipher Capital LP Has $10.02 Million Position in Pinnacle West Capital Corporation (PNW)

Cipher Capital LP increased its position in Pinnacle West Capital Corporation (NYSE:PNW) by 34.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 118,487 shares of the utilities provider’s stock after buying an additional 30,627 shares during the period. Pinnacle West Capital Corporation comprises approximately 0.8% of Cipher Capital LP’s holdings, making the stock its 2nd largest position. Cipher Capital LP owned 0.11% of Pinnacle West Capital Corporation worth $10,019,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PNW. WealthTrust Arizona LLC boosted its holdings in Pinnacle West Capital Corporation by 0.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock worth $107,000 after buying an additional 9 shares during the period. Captrust Financial Advisors bought a new position in Pinnacle West Capital Corporation in the 2nd quarter worth $109,000. Parallel Advisors LLC boosted its holdings in Pinnacle West Capital Corporation by 3.6% in the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after buying an additional 75 shares during the period. Pacer Advisors Inc. boosted its holdings in Pinnacle West Capital Corporation by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after buying an additional 174 shares during the period. Finally, Stock Yards Bank & Trust Co. bought a new position in Pinnacle West Capital Corporation in the 3rd quarter worth $205,000. 85.15% of the stock is owned by institutional investors.

In related news, Chairman Donald E. Brandt sold 35,013 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the sale, the chairman now directly owns 118,574 shares of the company’s stock, valued at approximately $10,620,673.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Donald E. Brandt sold 18,153 shares of the stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the completion of the sale, the chief executive officer now directly owns 118,574 shares in the company, valued at $10,617,115.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,584 shares of company stock valued at $5,518,300. 0.70% of the stock is owned by insiders.

Several research analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. ValuEngine raised shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. BMO Capital Markets reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. Finally, Bank of America Corporation assumed coverage on shares of Pinnacle West Capital Corporation in a report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Pinnacle West Capital Corporation has an average rating of “Hold” and an average price target of $86.40.

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Shares of Pinnacle West Capital Corporation (NYSE PNW) remained flat at $$90.78 during trading hours on Friday. 567,200 shares of the stock traded hands, compared to its average volume of 680,666. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90. Pinnacle West Capital Corporation has a fifty-two week low of $72.61 and a fifty-two week high of $92.48. The stock has a market cap of $10,142.83, a P/E ratio of 19.61, a P/E/G ratio of 6.57 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last announced its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital Corporation had a net margin of 14.67% and a return on equity of 10.31%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm earned $2.35 EPS. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. equities research analysts predict that Pinnacle West Capital Corporation will post 4.27 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 1st will be issued a $0.695 dividend. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.06%. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is presently 60.04%.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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

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