Royal Bank Of Canada reiterated their hold rating on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a report released on Tuesday. Royal Bank Of Canada currently has a $89.00 target price on the utilities provider’s stock.

A number of other equities analysts have also commented on PNW. Morgan Stanley dropped their price objective on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an underweight rating on the stock in a research note on Monday, May 8th. BMO Capital Markets reiterated a hold rating and issued a $86.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Wednesday, May 17th. BidaskClub lowered Pinnacle West Capital Corporation from a buy rating to a hold rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research lowered Pinnacle West Capital Corporation from a buy rating to a hold rating in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. Pinnacle West Capital Corporation currently has a consensus rating of Hold and an average target price of $81.89.

Shares of Pinnacle West Capital Corporation (NYSE:PNW) traded down 0.52% during midday trading on Tuesday, reaching $89.50. The company’s stock had a trading volume of 55,701 shares. The stock has a market capitalization of $9.99 billion, a P/E ratio of 19.77 and a beta of 0.37. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $90.41. The stock’s 50-day moving average is $88.05 and its 200 day moving average is $85.52.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.33. The business had revenue of $944.59 million for the quarter, compared to analyst estimates of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. On average, analysts expect that Pinnacle West Capital Corporation will post $4.26 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be paid a dividend of $0.655 per share. The ex-dividend date is Friday, July 28th. This represents a $2.62 annualized dividend and a yield of 2.91%. Pinnacle West Capital Corporation’s dividend payout ratio is 57.96%.

In related news, Chairman Donald E. Brandt sold 35,013 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total transaction of $3,136,114.41. Following the transaction, the chairman now directly owns 118,574 shares in the company, valued at $10,620,673.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David P. Falck sold 4,600 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $89.98, for a total value of $413,908.00. Following the transaction, the executive vice president now owns 42,840 shares in the company, valued at $3,854,743.20. The disclosure for this sale can be found here. Insiders have sold 41,419 shares of company stock worth $3,713,068 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock valued at $899,860,000 after buying an additional 10,498,905 shares in the last quarter. Boston Partners raised its position in shares of Pinnacle West Capital Corporation by 30,924.3% in the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock valued at $174,796,000 after buying an additional 2,045,950 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Pinnacle West Capital Corporation by 11,341.5% in the second quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock valued at $156,560,000 after buying an additional 1,822,359 shares in the last quarter. American Century Companies Inc. raised its position in shares of Pinnacle West Capital Corporation by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after buying an additional 1,470,383 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Pinnacle West Capital Corporation by 27.2% in the second quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after buying an additional 716,993 shares in the last quarter. Hedge funds and other institutional investors own 84.18% of the company’s stock.

About Pinnacle West Capital Corporation

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.

Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

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