Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 3.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,159,942 shares of the utilities provider's stock after acquiring an additional 44,029 shares during the quarter. Bank of New York Mellon Corp owned about 1.02% of Pinnacle West Capital worth $88,596,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. MeadowBrook Investment Advisors LLC bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $25,000. Blue Trust Inc. boosted its stake in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. First United Bank & Trust acquired a new stake in Pinnacle West Capital during the 4th quarter worth $29,000. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $30,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 199 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.1 %

PNW stock traded up $0.13 during midday trading on Thursday, hitting $87.15. The company's stock had a trading volume of 748,452 shares, compared to its average volume of 1,119,513. The company's fifty day moving average price is $82.42 and its 200 day moving average price is $76.66. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $89.39. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The stock has a market capitalization of $9.90 billion, a P/E ratio of 18.99, a PEG ratio of 2.26 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.73% and a net margin of 12.65%. Pinnacle West Capital's revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 4.75 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 4.04%. Pinnacle West Capital's dividend payout ratio is presently 76.69%.

Analyst Ratings Changes

PNW has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. Morgan Stanley boosted their target price on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an "equal weight" rating in a research report on Friday, August 23rd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and increased their price target for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. Barclays reduced their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 2nd. Finally, StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and a consensus price target of $77.95.

Insider Activity at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by company 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.