Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Verity Asset Management Inc.

Verity Asset Management Inc. cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,418 shares of the utilities provider’s stock after selling 125 shares during the period. Verity Asset Management Inc.’s holdings in Pinnacle West Capital were worth $391,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empirical Finance LLC grew its stake in shares of Pinnacle West Capital by 3.4% during the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares during the period. GAMMA Investing LLC grew its holdings in shares of Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after buying an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Pinnacle West Capital by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock valued at $1,659,000 after acquiring an additional 199 shares during the period. Finally, Private Advisor Group LLC raised its stake in Pinnacle West Capital by 2.2% in the 3rd quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock worth $832,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 1.0 %

Shares of NYSE:PNW opened at $89.22 on Friday. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The business’s 50 day moving average price is $88.34 and its 200-day moving average price is $82.61. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $92.59.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.35 by $0.02. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.68 billion. On average, equities research 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 company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.01%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group started coverage on shares of 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. Finally, Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $80.96.

Pinnacle West Capital 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.