Holland Advisory Services Inc. Invests $266,000 in Pinnacle West Capital Corporation $PNW

Key Points

• Holland Advisory Services Inc. invested approximately $266,000 in Pinnacle West Capital Corporation by acquiring 2,976 shares during the second quarter, according to their latest 13F filing with the SEC.
• Multiple hedge funds have also increased their holdings in Pinnacle West Capital, with Mather Group LLC. showing the largest growth at 68.8%.
• Pinnacle West Capital reported earnings of $1.58 per share for the most recent quarter, aligning with analysts' expectations and reflecting a revenue growth of 3.8% year-over-year.

Holland Advisory Services Inc. bought a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,976 shares of the utilities provider's stock, valued at approximately $266,000.

A number of other hedge funds have also modified their holdings of PNW. Hartford Investment Management Co. grew its position in Pinnacle West Capital by 3.2% in the 2nd quarter. Hartford Investment Management Co. now owns 7,239 shares of the utilities provider's stock valued at $648,000 after buying an additional 226 shares during the last quarter. Beacon Investment Advisory Services Inc. grew its position in Pinnacle West Capital by 19.4% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 62,818 shares of the utilities provider's stock valued at $5,620,000 after buying an additional 10,204 shares during the last quarter. Mather Group LLC. grew its position in Pinnacle West Capital by 68.8% in the 2nd quarter. Mather Group LLC. now owns 4,213 shares of the utilities provider's stock valued at $377,000 after buying an additional 1,717 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Pinnacle West Capital by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,745 shares of the utilities provider's stock valued at $3,556,000 after buying an additional 188 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Pinnacle West Capital by 4.6% in the 2nd quarter. Fifth Third Bancorp now owns 3,643 shares of the utilities provider's stock valued at $326,000 after buying an additional 160 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $86.00 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The company's 50-day moving average price is $89.99 and its 200 day moving average price is $91.03. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 9.00 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $1.76 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PNW has been the topic of a number of analyst reports. Barclays lowered their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. BMO Capital Markets raised their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Finally, KeyCorp reduced their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and an average target price of $96.00.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company's stock.

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.

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