Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 6.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,329 shares of the utilities provider’s stock after selling 8,647 shares during the quarter. Federated Hermes Inc. owned 0.11% of Pinnacle West Capital worth $9,343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after purchasing an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after purchasing an additional 2,828,450 shares in the last quarter. Zimmer Partners LP bought a new position in Pinnacle West Capital during the 1st quarter valued at $198,409,000. Norges Bank bought a new position in Pinnacle West Capital during the 4th quarter valued at $112,914,000. Finally, First Trust Advisors LP boosted its stake in Pinnacle West Capital by 2.5% during the 4th quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock valued at $86,625,000 after purchasing an additional 29,767 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $89.97 on Wednesday. The stock has a market cap of $10.22 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52. The business has a fifty day simple moving average of $85.85 and a 200-day simple moving average of $78.65. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. 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 announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company earned $0.94 earnings per share. Pinnacle West Capital’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Morgan Stanley raised their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Barclays reduced their price objective on 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. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $77.95.

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.