Pinnacle West Capital Corporation $PNW Shares Bought by NBC Securities Inc.

NBC Securities Inc. raised its position in Pinnacle West Capital Corporation (NYSE:PNW) by 2.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 39,825 shares of the utilities provider’s stock after acquiring an additional 997 shares during the quarter. NBC Securities Inc.’s holdings in Pinnacle West Capital were worth $3,563,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC acquired a new stake in Pinnacle West Capital in the first quarter valued at approximately $25,000. Costello Asset Management INC acquired a new stake in Pinnacle West Capital in the first quarter valued at approximately $26,000. Brooklyn Investment Group boosted its stake in Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 396 shares in the last quarter. HM Payson & Co. boosted its stake in Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after acquiring an additional 196 shares in the last quarter. Finally, Spirit of America Management Corp NY acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $57,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. KeyCorp lowered their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, July 16th. UBS Group lowered their price objective on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday. Mizuho downgraded shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the stock an “outperform” rating in a research note on Thursday, August 21st. Finally, BMO Capital Markets lifted their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $96.20.

Pinnacle West Capital Stock Down 0.2%

PNW opened at $88.19 on Monday. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The company has a fifty day moving average of $90.74 and a two-hundred day moving average of $91.37. The stock has a market capitalization of $10.53 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 9.11 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the company earned $1.76 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were issued a $0.895 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 4.1%. Pinnacle West Capital’s payout ratio is presently 73.81%.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.