California Public Employees Retirement System Acquires 21,486 Shares of Pinnacle West Capital Co. (PNW)

California Public Employees Retirement System boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 346,684 shares of the utilities provider’s stock after acquiring an additional 21,486 shares during the period. California Public Employees Retirement System owned 0.31% of Pinnacle West Capital worth $29,316,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PNW. Captrust Financial Advisors purchased a new position in Pinnacle West Capital in the second quarter worth about $109,000. Parallel Advisors LLC raised its holdings in Pinnacle West Capital by 3.6% in the second 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 last quarter. Pacer Advisors Inc. raised its holdings in Pinnacle West Capital by 8.3% in the second 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 last quarter. Stock Yards Bank & Trust Co. purchased a new position in Pinnacle West Capital in the third quarter worth about $205,000. Finally, Krilogy Financial LLC purchased a new position in Pinnacle West Capital in the third quarter worth about $211,000. 82.80% of the stock is owned by institutional investors.

Shares of Pinnacle West Capital Co. (NYSE PNW) opened at $89.54 on Monday. Pinnacle West Capital Co. has a 12 month low of $75.75 and a 12 month high of $92.48. The company has a market cap of $10,000.95, a P/E ratio of 19.33, a PEG ratio of 6.46 and a beta of 0.38. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.13. Pinnacle West Capital 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 analyst estimates of $1.21 billion. During the same period in the previous year, the business posted $2.35 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. research analysts anticipate that Pinnacle West Capital Co. will post 4.28 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st were paid a $0.695 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.66. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.10%. Pinnacle West Capital’s payout ratio is currently 60.04%.

Several research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a report on Wednesday, December 13th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital in a report on Tuesday, August 29th. BidaskClub raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. SunTrust Banks reaffirmed a “hold” rating and issued a $84.00 target price on shares of Pinnacle West Capital in a report on Thursday, October 12th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Pinnacle West Capital in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $87.20.

In related news, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the sale, the director now directly owns 12,786 shares in the company, valued at $1,142,684.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Donald E. Brandt sold 18,153 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

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Pinnacle West Capital Company Profile

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.

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

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