TCI Wealth Advisors Inc. Decreases Holdings in Pinnacle West Capital Co. (NYSE:PNW)

TCI Wealth Advisors Inc. lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 31.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,809 shares of the utilities provider’s stock after selling 2,604 shares during the period. TCI Wealth Advisors Inc.’s holdings in Pinnacle West Capital were worth $515,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PNW. Capital Research Global Investors increased its stake in shares of Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position 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 worth $533,562,000 after acquiring an additional 1,379,368 shares during the last quarter. Lazard Asset Management LLC increased its position in Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after purchasing an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $198,409,000. Finally, Bank of New York Mellon Corp increased its stake in Pinnacle West Capital by 3.9% during the second 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 last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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 shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Susan T. Flanagan acquired 500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the purchase, the director now owns 750 shares of the company’s stock, valued at approximately $64,905. The trade was a 200.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PNW shares. Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Barclays dropped their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. 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 research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded up $0.24 during trading hours on Monday, hitting $88.44. 128,630 shares of the stock were exchanged, compared to its average volume of 1,122,762. The stock has a market capitalization of $10.04 billion, a P/E ratio of 19.25, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $91.57. The business’s 50-day moving average is $88.23 and its two-hundred day moving average is $81.79.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating 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 business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $0.94 EPS. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. 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 issued a $0.895 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 4.05%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is presently 78.00%.

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.