Creative Planning Raises Stake in Pinnacle West Capital Co. (NYSE:PNW)

Creative Planning boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,716 shares of the utilities provider’s stock after purchasing an additional 2,272 shares during the period. Creative Planning’s holdings in Pinnacle West Capital were worth $2,278,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at about $30,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the second quarter valued at about $52,000. First Horizon Advisors Inc. boosted its holdings in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Pinnacle West Capital in the second quarter valued at about $82,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Barclays decreased their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $88.20 on Monday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57. The firm has a 50 day moving average price of $88.23 and a 200 day moving average price of $81.72. The company has a market cap of $10.02 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. Sell-side analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s payout ratio is currently 78.00%.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Susan T. Flanagan bought 500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the purchase, the director now owns 750 shares of the company’s stock, valued at $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Profile

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.