Bank of Montreal Can Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Bank of Montreal Can raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 12.6% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 203,390 shares of the utilities provider's stock after purchasing an additional 22,696 shares during the period. Bank of Montreal Can owned approximately 0.18% of Pinnacle West Capital worth $15,559,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth $30,000. Newbridge Financial Services Group Inc. lifted its position in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 199 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Pinnacle West Capital during the first quarter valued at about $36,000. Finally, Riverview Trust Co bought a new stake in Pinnacle West Capital in the 1st quarter worth about $46,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded down $0.18 during midday trading on Friday, hitting $88.27. The company's stock had a trading volume of 1,761,412 shares, compared to its average volume of 1,114,850. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 2.30 and a beta of 0.52. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock has a fifty day moving average price of $87.22 and a 200 day moving average price of $79.65. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.57.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted 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. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. The business's quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. On average, research analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business's stock in a transaction dated 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 $548,862.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the topic of several recent analyst reports. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price on the stock. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. StockNews.com raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and a consensus target price of $80.54.

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.