Keystone Financial Planning Inc. Sells 1,315 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Keystone Financial Planning Inc. cut its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 82,741 shares of the utilities provider’s stock after selling 1,315 shares during the period. Pinnacle West Capital makes up 2.2% of Keystone Financial Planning Inc.’s portfolio, making the stock its 10th largest holding. Keystone Financial Planning Inc.’s holdings in Pinnacle West Capital were worth $7,330,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNW. Capital Research Global Investors lifted its stake in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after acquiring an additional 6,344,121 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. Lazard Asset Management LLC boosted its holdings in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after purchasing an additional 2,828,450 shares in the last quarter. Zimmer Partners LP purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $198,409,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after purchasing an additional 44,029 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $85.83 on Friday. The company’s 50 day simple moving average is $88.26 and its 200 day simple moving average is $82.18. 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 market capitalization of $9.75 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 2.18 and a beta of 0.52. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 4.88 EPS for the current year.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.17%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s payout ratio is presently 65.06%.

Insider Buying and Selling

In other news, Director Susan T. Flanagan bought 500 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price 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. The trade was a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle West Capital news, Director Susan T. Flanagan purchased 500 shares of Pinnacle West Capital stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $86.54 per share, with a total value of $43,270.00. Following the completion of the transaction, the director now directly owns 750 shares in the company, valued at approximately $64,905. This represents a 200.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Finally, Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $80.79.

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.