Hsbc Holdings PLC Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Hsbc Holdings PLC raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 11.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 543,885 shares of the utilities provider’s stock after purchasing an additional 56,068 shares during the quarter. Hsbc Holdings PLC owned approximately 0.48% of Pinnacle West Capital worth $41,534,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC raised its position in shares of Pinnacle West Capital by 13.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,735 shares of the utilities provider’s stock valued at $887,000 after purchasing an additional 1,353 shares during the period. Amalgamated Bank raised its holdings in Pinnacle West Capital by 12.7% during the 2nd quarter. Amalgamated Bank now owns 36,849 shares of the utilities provider’s stock valued at $2,815,000 after acquiring an additional 4,139 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in shares of Pinnacle West Capital by 9.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 54,918 shares of the utilities provider’s stock worth $4,195,000 after acquiring an additional 4,725 shares in the last quarter. Quantbot Technologies LP lifted its position in shares of Pinnacle West Capital by 326.8% during the second quarter. Quantbot Technologies LP now owns 62,963 shares of the utilities provider’s stock worth $4,809,000 after acquiring an additional 48,212 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock worth $64,550,000 after acquiring an additional 200,816 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PNW. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday. They issued a “buy” rating and a $104.00 price target on the stock. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $80.13.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’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 sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Price Performance

PNW opened at $90.28 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $10.25 billion, a P/E ratio of 19.67, a PEG ratio of 2.27 and a beta of 0.52. The stock has a 50-day moving average price of $86.46 and a 200-day moving average price of $78.95. 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 issued its 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. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. Equities analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

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.