Huntington National Bank boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 145.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,180 shares of the utilities provider’s stock after purchasing an additional 700 shares during the quarter. Huntington National Bank’s holdings in Pinnacle West Capital were worth $112,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $26,000. Mackey Komara & Dankovich LLC purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $30,000. Bartlett & Co. LLC purchased a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $30,000. Old North State Trust LLC grew its holdings in Pinnacle West Capital by 316.7% in the fourth quarter. Old North State Trust LLC now owns 400 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 304 shares during the period. Finally, Global Retirement Partners LLC grew its holdings in Pinnacle West Capital by 72.7% in the fourth quarter. Global Retirement Partners LLC now owns 411 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 85.29% of the company’s stock.
In other news, VP Donna M. Easterly sold 2,358 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $95.67, for a total transaction of $225,589.86. Following the transaction, the vice president now directly owns 2,991 shares of the company’s stock, valued at $286,148.97. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bruce J. Nordstrom sold 3,374 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $93.44, for a total transaction of $315,266.56. Following the transaction, the director now directly owns 32,989 shares in the company, valued at $3,082,492.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,406 shares of company stock worth $4,132,062. Corporate insiders own 0.41% of the company’s stock.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, February 22nd. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Pinnacle West Capital had a net margin of 13.85% and a return on equity of 9.67%. The company had revenue of $756.40 million during the quarter, compared to the consensus estimate of $703.26 million. During the same period in the previous year, the firm earned $0.19 earnings per share. Pinnacle West Capital’s revenue for the quarter was down .4% on a year-over-year basis. On average, research analysts predict that Pinnacle West Capital Co. will post 4.85 earnings per share for the current fiscal year.
A number of research firms recently issued reports on PNW. Credit Suisse Group boosted their target price on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, February 25th. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a report on Monday. Royal Bank of Canada downgraded shares of Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 target price for the company. in a report on Friday, March 1st. Goldman Sachs Group downgraded shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. Finally, Williams Capital restated a “hold” rating on shares of Pinnacle West Capital in a report on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $90.73.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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