Zurcher Kantonalbank Zurich Cantonalbank Sells 3,298 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Pinnacle West Capital Co. (NYSE:PNW) by 2.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 113,935 shares of the utilities provider’s stock after selling 3,298 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle West Capital were worth $10,246,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Pinnacle West Capital by 0.4% in the 2nd quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock worth $1,177,441,000 after purchasing an additional 49,482 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Pinnacle West Capital in the 2nd quarter worth $119,834,000. First Trust Advisors LP boosted its position in shares of Pinnacle West Capital by 11.3% in the 3rd quarter. First Trust Advisors LP now owns 978,272 shares of the utilities provider’s stock worth $94,961,000 after purchasing an additional 99,307 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Pinnacle West Capital by 10.8% in the 3rd quarter. California Public Employees Retirement System now owns 927,364 shares of the utilities provider’s stock worth $90,019,000 after purchasing an additional 90,444 shares during the last quarter. Finally, Unigestion Holding SA boosted its position in shares of Pinnacle West Capital by 51.8% in the 3rd quarter. Unigestion Holding SA now owns 766,655 shares of the utilities provider’s stock worth $74,419,000 after purchasing an additional 261,525 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

PNW stock opened at $95.84 on Friday. The business’s 50-day moving average price is $89.42 and its two-hundred day moving average price is $92.07. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 0.89. The firm has a market cap of $10.63 billion, a PE ratio of 21.59, a P/E/G ratio of 4.13 and a beta of 0.05. Pinnacle West Capital Co. has a 1-year low of $84.26 and a 1-year high of $99.81.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.00 by ($0.23). The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.25 billion. Pinnacle West Capital had a return on equity of 9.19% and a net margin of 14.07%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.80 earnings per share. On average, analysts forecast that Pinnacle West Capital Co. will post 4.68 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 3rd will be issued a dividend of $0.7825 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.13 annualized dividend and a yield of 3.27%. Pinnacle West Capital’s dividend payout ratio is presently 68.94%.

Several research analysts have recently issued reports on the company. Morgan Stanley reduced their price target on Pinnacle West Capital from $95.00 to $87.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Barclays upgraded Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $103.00 to $98.00 in a research report on Thursday, November 21st. Credit Suisse Group raised their price target on Pinnacle West Capital from $101.00 to $108.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Bank of America restated a “hold” rating and issued a $97.00 price target on shares of Pinnacle West Capital in a research report on Wednesday. Finally, Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 price target on the stock. in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $97.55.

In other Pinnacle West Capital news, VP Barbara D. Lockwood sold 1,750 shares of Pinnacle West Capital stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $86.19, for a total transaction of $150,832.50. Following the transaction, the vice president now directly owns 1,646 shares in the company, valued at $141,868.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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