Rockland Trust Co. Sells 7,138 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Rockland Trust Co. significantly reduced its position in Pinnacle West Capital Corporation by 55.4%, ending up with 5,747 shares valued at $514,000 after selling 7,138 shares in the second quarter.
• Several analysts have adjusted their price targets for Pinnacle West, with estimates ranging from $90.00 to $98.00, reflecting mixed ratings from firms like BMO and UBS.
• Pinnacle West Capital reported earnings of $1.58 per share for the recent quarter, matching analysts' expectations, with revenue of $1.36 billion, a 3.8% increase from the previous year.

Rockland Trust Co. reduced its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 55.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,747 shares of the utilities provider's stock after selling 7,138 shares during the quarter. Rockland Trust Co.'s holdings in Pinnacle West Capital were worth $514,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its position in shares of Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after purchasing an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after acquiring an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after buying an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after buying an additional 366 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after buying an additional 372 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. UBS Group dropped their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday, September 12th. Barclays decreased their target price on 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. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. KeyCorp cut their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Finally, BMO Capital Markets upped their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $96.20.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.73 during trading hours on Friday, hitting $86.60. The company had a trading volume of 1,529,204 shares, compared to its average volume of 869,756. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The firm has a 50-day moving average of $90.34 and a 200 day moving average of $91.16. The firm has a market cap of $10.34 billion, a PE ratio of 17.86, a PEG ratio of 8.94 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The firm's quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company's stock.

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.