Thrive Wealth Management LLC Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Thrive Wealth Management LLC acquired a new position in Pinnacle West Capital Co. (NYSE:PNWFree Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,458 shares of the utilities provider’s stock, valued at approximately $200,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. lifted its holdings in Pinnacle West Capital by 13.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 33,800 shares of the utilities provider’s stock valued at $2,570,000 after buying an additional 3,968 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Pinnacle West Capital by 12.6% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 15,091 shares of the utilities provider’s stock valued at $1,196,000 after purchasing an additional 1,684 shares during the period. Toronto Dominion Bank boosted its position in shares of Pinnacle West Capital by 14.3% in the 1st quarter. Toronto Dominion Bank now owns 20,933 shares of the utilities provider’s stock worth $1,658,000 after purchasing an additional 2,613 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $26,000. Finally, Bedel Financial Consulting Inc. increased its holdings in Pinnacle West Capital by 12.5% in the first quarter. Bedel Financial Consulting Inc. now owns 3,500 shares of the utilities provider’s stock valued at $277,000 after purchasing an additional 389 shares during the last quarter. 84.95% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $79.09 on Tuesday. The stock’s 50-day simple moving average is $79.56 and its 200 day simple moving average is $79.39. Pinnacle West Capital Co. has a 52-week low of $59.03 and a 52-week high of $86.03. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.70 and a current ratio of 0.96. The company has a market cap of $8.96 billion, a P/E ratio of 22.09, a P/E/G ratio of 2.89 and a beta of 0.48.

Pinnacle West Capital (NYSE:PNWGet Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.25). Pinnacle West Capital had a return on equity of 6.55% and a net margin of 8.92%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company earned $1.45 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.22 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date was Monday, July 31st. Pinnacle West Capital’s payout ratio is currently 96.65%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PNW shares. Morgan Stanley decreased their target price on Pinnacle West Capital from $78.00 to $73.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 23rd. Bank of America cut their target price on shares of Pinnacle West Capital from $80.00 to $78.00 in a report on Thursday, June 29th. Mizuho reissued a “buy” rating and issued a $85.00 price target on shares of Pinnacle West Capital in a report on Friday. StockNews.com assumed coverage on Pinnacle West Capital in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Finally, Barclays assumed coverage on Pinnacle West Capital in a research note on Wednesday, August 23rd. They issued an “overweight” rating and a $81.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $77.90.

Read Our Latest Research Report on PNW

About Pinnacle West Capital

(Free Report)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

See Also

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

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