SteelPeak Wealth LLC Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

SteelPeak Wealth LLC purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 11,578 shares of the utilities provider's stock, valued at approximately $1,026,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Intech Investment Management LLC bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth approximately $898,000. Quantbot Technologies LP bought a new stake in Pinnacle West Capital during the 1st quarter valued at $1,102,000. Natixis bought a new stake in Pinnacle West Capital during the 1st quarter valued at $4,064,000. Allspring Global Investments Holdings LLC raised its position in Pinnacle West Capital by 148.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider's stock valued at $1,341,000 after purchasing an additional 10,732 shares in the last quarter. Finally, Sei Investments Co. raised its position in Pinnacle West Capital by 15.6% during the 1st quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider's stock valued at $17,080,000 after purchasing an additional 30,924 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PNW. Morgan Stanley lifted 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 lifted their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. StockNews.com raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of "Hold" and a consensus target price of $80.79.

Pinnacle West Capital Stock Up 0.3 %

PNW stock traded up $0.28 on Thursday, hitting $87.81. 1,212,368 shares of the company's stock were exchanged, compared to its average volume of 1,126,976. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.57. The firm has a 50 day moving average price of $88.27 and a two-hundred day moving average price of $82.05. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The stock has a market cap of $9.98 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share 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. During the same period in the previous year, the business earned $0.94 EPS. The firm's revenue for the quarter was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's payout ratio is presently 66.17%.

Insider Buying and Selling at Pinnacle West Capital

In other news, Director Susan T. Flanagan purchased 500 shares of the company's stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $86.54 per share, for a total transaction of $43,270.00. Following the purchase, the director now owns 750 shares in the company, valued at $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 is accessible through this hyperlink. In other Pinnacle West Capital 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 sale, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan T. Flanagan purchased 500 shares of the company's stock in a transaction on 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 purchase, the director now owns 750 shares in the company, valued at approximately $64,905. The trade was a 200.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.23% of the company's stock.

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.