Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Burney Co.

Burney Co. boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,801 shares of the utilities provider’s stock after acquiring an additional 438 shares during the period. Burney Co.’s holdings in Pinnacle West Capital were worth $1,054,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of PNW. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $25,000. Blue Trust Inc. grew its stake in Pinnacle West Capital by 377.9% in 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. First United Bank & Trust acquired a new position in Pinnacle West Capital in the 4th quarter valued at $29,000. Cape Investment Advisory Inc. purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth $30,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings 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 worth $35,000 after purchasing an additional 199 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays cut 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 report on Tuesday, July 2nd. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company increased their price target on shares of 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. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.95.

Pinnacle West Capital Stock Up 0.6 %

Shares of PNW stock traded up $0.56 on Friday, hitting $87.71. The stock had a trading volume of 18,805 shares, compared to its average volume of 1,112,961. The stock’s 50 day moving average is $82.42 and its 200-day moving average is $76.66. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 2.26 and a beta of 0.50. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $89.39. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data 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 9.73%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the company posted $0.94 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s payout ratio is 76.69%.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the company’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 sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.