Apollon Wealth Management LLC Grows Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Apollon Wealth Management LLC increased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 13.0% in the first quarter, Holdings Channel reports. The firm owned 9,133 shares of the utilities provider’s stock after acquiring an additional 1,048 shares during the period. Apollon Wealth Management LLC’s holdings in Pinnacle West Capital were worth $870,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock worth $2,524,000 after purchasing an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Pinnacle West Capital by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock worth $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock valued at $528,000 after acquiring an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after acquiring an additional 366 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after buying an additional 372 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PNW. KeyCorp dropped their price target on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday. Barclays lifted their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 1st. UBS Group reiterated a “neutral” rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Finally, BMO Capital Markets began coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $96.78.

Pinnacle West Capital Stock Up 0.7%

PNW stock opened at $91.54 on Friday. The business’s 50-day moving average price is $90.14 and its 200-day moving average price is $90.26. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a twelve month low of $81.27 and a twelve month high of $96.50. The stock has a market cap of $10.93 billion, a P/E ratio of 18.20, a PEG ratio of 9.46 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $988.95 million. During the same quarter in the previous year, the company posted $0.15 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.91%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

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.