Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in Pinnacle West Capital Co. (NYSE:PNW) by 19.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,576 shares of the utilities provider’s stock after selling 1,311 shares during the period. Truist Financial Corp’s holdings in Pinnacle West Capital were worth $426,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PNW. Quadrature Capital Ltd increased its position in Pinnacle West Capital by 38.8% in the fourth quarter. Quadrature Capital Ltd now owns 14,268 shares of the utilities provider’s stock worth $1,025,000 after buying an additional 3,988 shares during the period. CWM LLC increased its position in Pinnacle West Capital by 2.8% in the first quarter. CWM LLC now owns 10,219 shares of the utilities provider’s stock worth $764,000 after buying an additional 274 shares during the period. First Hawaiian Bank increased its position in Pinnacle West Capital by 95.4% in the first quarter. First Hawaiian Bank now owns 10,770 shares of the utilities provider’s stock worth $805,000 after buying an additional 5,257 shares during the period. Rise Advisors LLC acquired a new stake in Pinnacle West Capital in the first quarter worth $36,000. Finally, Massmutual Trust Co. FSB ADV increased its position in Pinnacle West Capital by 151.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 659 shares of the utilities provider’s stock worth $49,000 after buying an additional 397 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Down 0.6 %

Shares of PNW stock opened at $87.09 on Friday. The stock has a 50-day simple moving average of $87.94 and a 200 day simple moving average of $81.05. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The stock has a market capitalization of $9.89 billion, a P/E ratio of 18.97, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating 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 business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the business posted $0.94 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. On average, sell-side analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Insider Activity at Pinnacle West Capital

In related 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 value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PNW has been the topic of several analyst reports. Wells Fargo & Company increased their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Morgan Stanley raised their price target 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Barclays lowered their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.79.

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.