Pinnacle West Capital Corporation $PNW Shares Sold by Baker Ellis Asset Management LLC

Baker Ellis Asset Management LLC cut its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,094 shares of the utilities provider’s stock after selling 400 shares during the period. Baker Ellis Asset Management LLC’s holdings in Pinnacle West Capital were worth $4,303,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Pinnacle West Capital by 2.0% during the first quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider’s stock worth $1,377,759,000 after purchasing an additional 283,752 shares during the period. ATLAS Infrastructure Partners UK Ltd. lifted its position in shares of Pinnacle West Capital by 230.5% in the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock worth $266,085,000 after buying an additional 1,948,416 shares during the last quarter. Reaves W H & Co. Inc. lifted its position in shares of Pinnacle West Capital by 8.5% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider’s stock worth $143,781,000 after buying an additional 118,796 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle West Capital by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider’s stock worth $105,203,000 after buying an additional 110,674 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Pinnacle West Capital by 57.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider’s stock worth $101,518,000 after buying an additional 388,527 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PNW shares. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the stock an “outperform” rating in a research report on Thursday, August 21st. UBS Group reduced their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday. Mizuho downgraded shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. BMO Capital Markets raised their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. Finally, KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $96.20.

Pinnacle West Capital Stock Down 0.2%

PNW stock opened at $88.19 on Monday. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The firm’s 50-day simple moving average is $90.74 and its 200 day simple moving average is $91.37. The stock has a market cap of $10.53 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 9.11 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW) last released 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. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the company earned $1.76 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were paid a dividend of $0.895 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 4.1%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 73.81%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Company 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.