Verity & Verity LLC Lowers Position in Pinnacle West Capital Co. (NYSE:PNW)

Verity & Verity LLC cut its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,662 shares of the utilities provider’s stock after selling 344 shares during the period. Verity & Verity LLC owned about 0.07% of Pinnacle West Capital worth $6,466,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new position in Pinnacle West Capital in the 1st quarter valued at $30,000. Newbridge Financial Services Group Inc. increased its position in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth $36,000. Finally, Riverview Trust Co bought a new position in Pinnacle West Capital during the first quarter valued at about $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated 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 owns 6,397 shares of the company’s stock, valued at $548,862.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Trading Up 2.2 %

Shares of PNW stock opened at $90.51 on Wednesday. The company has a market capitalization of $10.28 billion, a PE ratio of 19.72, a price-to-earnings-growth ratio of 2.30 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57. The business’s fifty day moving average is $87.51 and its 200 day moving average is $79.97. 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 (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 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 company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Pinnacle West Capital’s revenue was up 15.7% on a year-over-year basis. On average, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PNW shares. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Barclays cut 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 report on Tuesday, July 2nd. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.54.

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.