Zurcher Kantonalbank Zurich Cantonalbank Sells 18,944 Shares of Pinnacle West Capital Co. (PNW)
Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 11.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 146,011 shares of the utilities provider’s stock after selling 18,944 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.13% of Pinnacle West Capital worth $11,763,000 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. Piedmont Investment Advisors LLC bought a new position in Pinnacle West Capital during the second quarter valued at approximately $106,000. Silvant Capital Management LLC bought a new position in Pinnacle West Capital during the first quarter valued at approximately $127,000. Point72 Asia Hong Kong Ltd bought a new position in Pinnacle West Capital during the first quarter valued at approximately $151,000. Dupont Capital Management Corp grew its position in Pinnacle West Capital by 223.9% during the second quarter. Dupont Capital Management Corp now owns 1,937 shares of the utilities provider’s stock valued at $156,000 after acquiring an additional 1,339 shares during the last quarter. Finally, Synovus Financial Corp grew its position in Pinnacle West Capital by 252.7% during the second quarter. Synovus Financial Corp now owns 2,000 shares of the utilities provider’s stock valued at $161,000 after acquiring an additional 1,433 shares during the last quarter. Institutional investors and hedge funds own 80.92% of the company’s stock.
PNW has been the topic of a number of recent research reports. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, July 16th. Zacks Investment Research cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Monday, April 16th. Wells Fargo & Co upgraded shares of Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. ValuEngine cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Saturday, June 2nd. Finally, Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $85.00 to $87.00 in a report on Tuesday, May 8th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $84.20.
Shares of Pinnacle West Capital stock opened at $81.43 on Monday. The company has a current ratio of 0.50, a quick ratio of 0.35 and a debt-to-equity ratio of 0.81. Pinnacle West Capital Co. has a 52-week low of $73.41 and a 52-week high of $92.48. The company has a market capitalization of $9.10 billion, a PE ratio of 18.72, a PEG ratio of 4.09 and a beta of 0.21.
Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.04. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The firm had revenue of $974.12 million for the quarter, compared to analysts’ expectations of $939.59 million. During the same quarter last year, the business earned $1.49 earnings per share. The business’s revenue was up 3.1% on a year-over-year basis. analysts predict that Pinnacle West Capital Co. will post 4.44 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 1st will be issued a $0.695 dividend. This represents a $2.78 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Tuesday, July 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 63.91%.
About Pinnacle West Capital
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 resources. The company serves approximately 1.2 million homes and businesses.
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