Massachusetts Financial Services Co. MA Boosts Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Massachusetts Financial Services Co. MA increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,958,178 shares of the utilities provider’s stock after buying an additional 24,227 shares during the period. Massachusetts Financial Services Co. MA owned about 2.62% of Pinnacle West Capital worth $214,054,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its position in Pinnacle West Capital by 1.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 9,441 shares of the utilities provider’s stock valued at $683,000 after purchasing an additional 162 shares during the last quarter. GPS Wealth Strategies Group LLC lifted its position in Pinnacle West Capital by 2.8% during the third quarter. GPS Wealth Strategies Group LLC now owns 6,032 shares of the utilities provider’s stock valued at $436,000 after purchasing an additional 162 shares during the last quarter. Signaturefd LLC lifted its position in Pinnacle West Capital by 48.5% during the third quarter. Signaturefd LLC now owns 551 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 180 shares during the last quarter. PrairieView Partners LLC lifted its position in Pinnacle West Capital by 13.3% during the third quarter. PrairieView Partners LLC now owns 1,700 shares of the utilities provider’s stock valued at $123,000 after purchasing an additional 200 shares during the last quarter. Finally, Ironwood Investment Counsel LLC lifted its position in Pinnacle West Capital by 2.7% during the third quarter. Ironwood Investment Counsel LLC now owns 7,728 shares of the utilities provider’s stock valued at $559,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 83.62% of the company’s stock.

PNW has been the subject of a number of recent research reports. Guggenheim lowered shares of Pinnacle West Capital from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $97.00 to $58.00 in a report on Thursday, October 7th. Wells Fargo & Company lowered their price objective on shares of Pinnacle West Capital from $80.00 to $76.00 and set an “equal weight” rating for the company in a report on Thursday, October 7th. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 21st. Wedbush boosted their price objective on shares of Pinnacle West Capital from $72.00 to $80.00 in a report on Friday, January 7th. Finally, KeyCorp boosted their price objective on shares of Pinnacle West Capital from $60.00 to $62.00 and gave the stock an “underweight” rating in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $75.87.

Shares of NYSE PNW opened at $72.27 on Friday. The company has a quick ratio of 0.81, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. Pinnacle West Capital Co. has a 52 week low of $62.78 and a 52 week high of $88.54. The firm’s fifty day moving average is $67.64 and its 200 day moving average is $73.76. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 3.66 and a beta of 0.29.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Friday, November 5th. The utilities provider reported $3.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.78 by $0.22. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.23 billion. Pinnacle West Capital had a net margin of 15.26% and a return on equity of 9.70%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.07 EPS. Equities research analysts anticipate that Pinnacle West Capital Co. will post 5.3 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 1st. Shareholders of record on Tuesday, February 1st will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Monday, January 31st. Pinnacle West Capital’s payout ratio is currently 67.19%.

In other Pinnacle West Capital news, CEO James R. Hatfield sold 3,327 shares of the business’s stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $63.76, for a total transaction of $212,129.52. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by insiders.

Pinnacle West Capital Profile

Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985 and is headquartered in Phoenix, AZ.

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

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