Raymond James & Associates Increases Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James & Associates boosted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 30.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,019 shares of the utilities provider's stock after buying an additional 8,618 shares during the quarter. Raymond James & Associates' holdings in Pinnacle West Capital were worth $3,280,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PNW. Blue Trust Inc. grew its stake in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock worth $28,000 after acquiring an additional 291 shares during the period. Cape Investment Advisory Inc. bought a new position in Pinnacle West Capital during the first quarter worth about $30,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Pinnacle West Capital in the second quarter worth about $52,000. First Horizon Advisors Inc. raised its position in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after purchasing an additional 137 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at approximately $82,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded down $0.12 during mid-day trading on Monday, reaching $85.71. 1,422,298 shares of the company were exchanged, compared to its average volume of 1,128,315. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57. The company's 50 day moving average price is $88.26 and its 200 day moving average price is $82.33. The stock has a market capitalization of $9.74 billion, a PE ratio of 15.73, a PEG ratio of 2.18 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company's revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.9 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.18%. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. Pinnacle West Capital's payout ratio is presently 66.17%.

Insider Activity

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business's stock in a transaction on 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 directly owns 6,397 shares of the company's stock, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNW. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price on the stock. Wells Fargo & Company raised their target price on 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. Morgan Stanley upped their price target 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. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $80.79.

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.