International Assets Investment Management LLC Acquires 258,601 Shares of Pinnacle West Capital Co. (NYSE:PNW)

International Assets Investment Management LLC raised its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 152,118.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,771 shares of the utilities provider's stock after buying an additional 258,601 shares during the quarter. International Assets Investment Management LLC owned 0.23% of Pinnacle West Capital worth $22,925,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock worth $960,425,000 after acquiring an additional 6,344,121 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after buying an additional 1,379,368 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $198,409,000. Finally, Bank of New York Mellon Corp increased its stake in Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider's stock worth $88,596,000 after acquiring an additional 44,029 shares during the period. Institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PNW shares. Morgan Stanley upped their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Barclays dropped their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a research report on Tuesday, July 2nd. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $80.79.

Pinnacle West Capital Trading Down 0.9 %

Shares of NYSE PNW traded down $0.79 during trading on Tuesday, reaching $87.44. The company had a trading volume of 947,954 shares, compared to its average volume of 1,124,063. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $91.57. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The stock has a market cap of $9.93 billion, a P/E ratio of 19.22, a PEG ratio of 2.20 and a beta of 0.52. The company's fifty day moving average price is $88.25 and its 200-day moving average price is $81.90.

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 for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The company's revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 4.09%. Pinnacle West Capital's payout ratio is presently 78.00%.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital 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 value of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Susan T. Flanagan acquired 500 shares of the company's stock in a transaction dated Monday, August 5th. The shares were purchased at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the acquisition, the director now owns 750 shares of the company's stock, valued at approximately $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Edgar Smith sold 4,950 shares of the firm's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares of the company's stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.