Nations Financial Group Inc. IA ADV Buys 2,023 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Nations Financial Group Inc. IA ADV grew its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 7.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,157 shares of the utilities provider’s stock after purchasing an additional 2,023 shares during the period. Nations Financial Group Inc. IA ADV’s holdings in Pinnacle West Capital were worth $2,777,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PNW. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth approximately $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth approximately $26,000. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth approximately $35,000. HM Payson & Co. raised its holdings in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock worth $56,000 after buying an additional 196 shares during the period. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the first quarter worth approximately $57,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Trading Down 0.7%

Shares of NYSE:PNW opened at $91.30 on Friday. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The business’s fifty day simple moving average is $90.71 and its 200-day simple moving average is $91.28. The company has a market capitalization of $10.90 billion, a PE ratio of 18.82, a P/E/G ratio of 9.49 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.76 EPS. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 73.81%.

Wall Street Analyst Weigh In

PNW has been the topic of several recent analyst reports. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a report on Thursday, May 22nd. Wall Street Zen downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Finally, BMO Capital Markets raised their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $97.00.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by insiders.

About Pinnacle West Capital

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.