25,209 Pinnacle West Capital Corporation $PNW Shares Acquired by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Pinnacle West stake by 151.3% in the third quarter, adding 25,209 shares to hold 41,875 shares valued at about $3.9 million. Institutional investors own 91.51% of the company’s stock.
• Pinnacle West reported quarterly EPS of $3.49, beating the $3.32 consensus estimate, while revenue of $1.97 billion exceeded forecasts and rose 8.3% year over year. The company also raised its quarterly dividend from $0.91 to $0.925 per share.
• Analyst sentiment was mostly neutral: five analysts rated the stock Buy and eleven rated it Hold, with an average price target of $103.77.

Alps Advisors Inc. raised its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 151.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 41,875 shares of the utilities provider's stock after buying an additional 25,209 shares during the period. Alps Advisors Inc.'s holdings in Pinnacle West Capital were worth $3,896,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. JFS Wealth Advisors LLC boosted its position in Pinnacle West Capital by 109.6% in the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider's stock worth $26,000 after purchasing an additional 126 shares during the last quarter. Compass Financial Management LLC bought a new position in Pinnacle West Capital during the second quarter valued at about $33,000. Bell Investment Advisors Inc grew its position in Pinnacle West Capital by 144.9% during the second quarter. Bell Investment Advisors Inc now owns 338 shares of the utilities provider's stock valued at $36,000 after buying an additional 200 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Pinnacle West Capital by 41,300.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 414 shares of the utilities provider's stock valued at $44,000 after buying an additional 413 shares during the period. Finally, Balance Wealth Partners LLC bought a new position in Pinnacle West Capital during the third quarter valued at about $42,000. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.1%

NYSE PNW opened at $104.11 on Monday. The stock's 50-day simple moving average is $99.05 and its two-hundred day simple moving average is $100.63. Pinnacle West Capital Corporation has a twelve month low of $86.18 and a twelve month high of $111.16. The company has a quick ratio of 0.50, a current ratio of 0.71 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $12.62 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 3.65 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.17. Pinnacle West Capital had a return on equity of 9.18% and a net margin of 11.59%. The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the company posted $3.39 earnings per share. The company's revenue was up 8.3% compared to the same quarter last year. Research analysts forecast that Pinnacle West Capital Corporation will post 4.91 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 2nd will be issued a $0.9250 dividend. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.91. This represents a $3.70 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, November 2nd. Pinnacle West Capital's dividend payout ratio (DPR) is presently 69.55%.

Analyst Ratings Changes

A number of research firms recently issued reports on PNW. HSBC started coverage on shares of Pinnacle West Capital in a report on Thursday, October 22nd. They set a "buy" rating and a $119.50 price objective for the company. BMO Capital Markets reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "market perform" rating for the company in a research report on Wednesday, July 22nd. Citigroup restated a "neutral" rating on shares of Pinnacle West Capital in a research note on Thursday, October 8th. Morgan Stanley boosted their price objective on Pinnacle West Capital from $89.00 to $91.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 21st. Finally, TD Cowen reaffirmed a "hold" rating on shares of Pinnacle West Capital in a report on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and an average price target of $103.77.

About Pinnacle West Capital

Pinnacle West Capital Corporation is an energy holding company whose principal subsidiary, Arizona Public Service Company (APS), provides electric service in Arizona. APS generates, transmits and distributes electricity to residential, commercial and industrial customers.

APS serves communities across central and northern Arizona, including the Phoenix metropolitan area. Its electricity supply comes from a mix of generating resources, including nuclear, natural gas, coal and renewable energy.

Pinnacle West became the parent company of APS in 1985.

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