Pinnacle West Capital Corporation $PNW Stock Position Increased by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. significantly increased its holdings in Pinnacle West Capital Corporation by 143.6%, now owning approximately 140,564 shares valued at $13.39 million.
• The company announced a quarterly dividend of $0.895, translating to an annual yield of 4.0%, with a payout ratio of 73.81%.
• Pinnacle West Capital reported earnings of $1.58 per share for the recent quarter, meeting expectations, and had a year-over-year revenue increase of 3.8%.

Raymond James Financial Inc. grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 143.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 140,564 shares of the utilities provider's stock after buying an additional 82,851 shares during the quarter. Raymond James Financial Inc. owned 0.12% of Pinnacle West Capital worth $13,389,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PNW. Clearstead Trust LLC purchased a new stake in Pinnacle West Capital during the 1st quarter worth $25,000. Costello Asset Management INC acquired a new position in shares of Pinnacle West Capital during the first quarter worth about $26,000. HM Payson & Co. lifted its stake in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after purchasing an additional 196 shares in the last quarter. Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $57,000. Finally, Mowery & Schoenfeld Wealth Management LLC grew its stake in shares of Pinnacle West Capital by 3,500.0% in the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 612 shares of the utilities provider's stock valued at $58,000 after buying an additional 595 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the company'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 directly owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the topic of several analyst reports. KeyCorp dropped their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Barclays lowered their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets upped their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and an average target price of $97.22.

Pinnacle West Capital Stock Down 0.1%

Pinnacle West Capital stock traded down $0.13 during midday trading on Wednesday, hitting $88.67. The stock had a trading volume of 316,145 shares, compared to its average volume of 1,152,808. 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 stock has a market cap of $10.59 billion, a P/E ratio of 18.26, a P/E/G ratio of 9.23 and a beta of 0.45. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The business has a fifty day moving average price of $90.96 and a 200 day moving average price of $91.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the business posted $1.76 earnings per share. Research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 73.81%.

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.