Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) Director Susan T. Flanagan bought 500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the acquisition, the director now owns 750 shares of the company's stock, valued at $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of NYSE PNW traded down $0.23 during midday trading on Thursday, reaching $89.08. 326,271 shares of the stock were exchanged, compared to its average volume of 1,124,777. The stock has a market capitalization of $10.12 billion, a P/E ratio of 19.46, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The company has a 50 day simple moving average of $88.12 and a 200 day simple moving average of $81.52. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm's quarterly revenue was up 15.7% compared to the same quarter last year. As a group, equities analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.02%. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio (DPR) is 76.69%.
A number of institutional investors have recently made changes to their positions in PNW. Capital Research Global Investors boosted its position in shares of Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC boosted its position in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock worth $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at $198,409,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after buying an additional 1,379,368 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in Pinnacle West Capital by 152,118.2% during the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider's stock worth $22,925,000 after acquiring an additional 258,601 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
PNW has been the subject of a number of recent analyst reports. Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a report on Tuesday, July 2nd. Wells Fargo & Company increased their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Finally, StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $80.79.
Read Our Latest Research Report on PNW
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.
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