4,919 Shares in Pinnacle West Capital Co. (NYSE:PNW) Acquired by Atomi Financial Group Inc.

Atomi Financial Group Inc. bought a new position in Pinnacle West Capital Co. (NYSE:PNW) in the first quarter, according to its most recent filing with the SEC. The firm bought 4,919 shares of the utilities provider’s stock, valued at approximately $368,000.

Several other institutional investors and hedge funds have also bought and sold shares of PNW. Comerica Bank acquired a new stake in Pinnacle West Capital during the 3rd quarter valued at approximately $4,620,000. Deutsche Bank AG lifted its stake in shares of Pinnacle West Capital by 48.3% in the 3rd quarter. Deutsche Bank AG now owns 160,432 shares of the utilities provider’s stock valued at $11,821,000 after purchasing an additional 52,224 shares during the period. Rockland Trust Co. lifted its stake in shares of Pinnacle West Capital by 2.7% in the 4th quarter. Rockland Trust Co. now owns 13,600 shares of the utilities provider’s stock valued at $977,000 after purchasing an additional 359 shares during the period. New Hampshire Trust lifted its stake in shares of Pinnacle West Capital by 11.7% in the 4th quarter. New Hampshire Trust now owns 4,358 shares of the utilities provider’s stock valued at $313,000 after purchasing an additional 458 shares during the period. Finally, Butensky & Cohen Financial Security Inc. lifted its stake in shares of Pinnacle West Capital by 2.5% in the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 53,387 shares of the utilities provider’s stock valued at $3,835,000 after purchasing an additional 1,319 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNW has been the subject of several analyst reports. Barclays decreased their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Citigroup started coverage on shares of Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Morgan Stanley dropped their target price on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $75.46.

Pinnacle West Capital Trading Down 0.6 %

NYSE PNW traded down $0.50 during trading hours on Monday, reaching $79.75. The company had a trading volume of 404,421 shares, compared to its average volume of 1,189,310. The stock has a 50-day moving average of $76.73 and a 200 day moving average of $73.25. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $9.06 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 2.05 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Pinnacle West Capital’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, research analysts anticipate that Pinnacle West Capital Co. will post 4.76 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a $0.88 dividend. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.41%. Pinnacle West Capital’s payout ratio is currently 76.69%.

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.