Raymond James & Associates Has $3.28 Million Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James & Associates lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 30.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 37,019 shares of the utilities provider’s stock after purchasing an additional 8,618 shares during the quarter. Raymond James & Associates’ holdings in Pinnacle West Capital were worth $3,280,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its position in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital during the 1st quarter worth approximately $30,000. Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the 2nd quarter worth approximately $52,000. First Horizon Advisors Inc. boosted its position in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at approximately $82,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNW. Morgan Stanley increased their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Jefferies Financial Group began 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. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $80.79.

Insiders Place Their Bets

In other 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 sale, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Down 2.3 %

PNW opened at $85.83 on Monday. 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 cap of $9.75 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 2.18 and a beta of 0.52. The stock’s fifty day simple moving average is $88.26 and its 200 day simple moving average is $82.33. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 EPS. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.9 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 4.17%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 65.06%.

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.