Daiwa Securities Group Inc. Has $349,000 Stake in Pinnacle West Capital Co. (NYSE:PNW)

Daiwa Securities Group Inc. lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 22.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,566 shares of the utilities provider’s stock after buying an additional 833 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Pinnacle West Capital were worth $349,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Blue Trust Inc. grew its holdings 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 period. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $30,000. Newbridge Financial Services Group Inc. increased its holdings in Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 199 shares in the last quarter. Rise Advisors LLC acquired a new position in Pinnacle West Capital in the first quarter valued at approximately $36,000. Finally, Riverview Trust Co bought a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $46,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction that occurred on 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 owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company boosted their target price 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. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price target for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, Morgan Stanley boosted their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $77.95.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $91.29 on Tuesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The firm has a 50-day moving average of $85.59 and a 200-day moving average of $78.50. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $91.49. The company has a market cap of $10.37 billion, a P/E ratio of 19.89, a P/E/G ratio of 2.27 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate 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 was up 15.7% on a year-over-year basis. During the same period last year, the business posted $0.94 earnings per share. Equities research analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st were given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is 76.69%.

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.