TCI Wealth Advisors Inc. Lowers Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

TCI Wealth Advisors Inc. lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 31.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,809 shares of the utilities provider’s stock after selling 2,604 shares during the quarter. TCI Wealth Advisors Inc.’s holdings in Pinnacle West Capital were worth $515,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of Alaska Department of Revenue raised its stake in shares of Pinnacle West Capital by 3.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 29,430 shares of the utilities provider’s stock valued at $2,606,000 after purchasing an additional 895 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Pinnacle West Capital by 8.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 23,592 shares of the utilities provider’s stock worth $2,090,000 after purchasing an additional 1,868 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Pinnacle West Capital by 59.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,958 shares of the utilities provider’s stock valued at $702,000 after purchasing an additional 2,977 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Pinnacle West Capital during the third quarter worth about $18,652,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in Pinnacle West Capital by 1.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 24,295 shares of the utilities provider’s stock valued at $2,152,000 after purchasing an additional 384 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on PNW shares. Morgan Stanley raised their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Barclays reduced their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Wells Fargo & Company upped their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy 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 $80.79.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $0.24 during trading on Monday, hitting $88.44. 128,630 shares of the company’s stock traded hands, compared to its average volume of 1,122,762. The business has a 50 day moving average of $88.23 and a 200-day moving average of $81.79. The stock has a market capitalization of $10.04 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company earned $0.94 EPS. Pinnacle West Capital’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.05%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 78.00%.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Susan T. Flanagan bought 500 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $86.54 per share, with a total value of $43,270.00. Following the purchase, the director now directly owns 750 shares in the company, valued at $64,905. The trade was a 200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.