Truist Financial Corp Sells 1,456 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Truist Financial Corp decreased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 35.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,661 shares of the utilities provider’s stock after selling 1,456 shares during the period. Truist Financial Corp’s holdings in Pinnacle West Capital were worth $226,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. YANKCOM Partnership bought a new position in Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Venturi Wealth Management LLC lifted its stake in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in Pinnacle West Capital in the 4th quarter valued at approximately $38,000. Roble Belko & Company Inc bought a new position in Pinnacle West Capital in the 4th quarter valued at approximately $42,000. Finally, Prospera Private Wealth LLC bought a new position in Pinnacle West Capital in the 3rd quarter valued at approximately $43,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.4 %

PNW opened at $90.69 on Friday. Pinnacle West Capital Co. has a twelve month low of $69.50 and a twelve month high of $95.42. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a fifty day moving average of $87.48 and a 200-day moving average of $88.37. The stock has a market cap of $10.80 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd were issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend was Monday, February 3rd. Pinnacle West Capital’s payout ratio is 68.58%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research note on Wednesday, December 4th. Guggenheim reaffirmed a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $90.15.

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.