Suntrust Banks Inc. Increases Stake in Pinnacle West Capital Co. (PNW)

Suntrust Banks Inc. increased its position in Pinnacle West Capital Co. (NYSE:PNW) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,394 shares of the utilities provider’s stock after buying an additional 1,591 shares during the period. Suntrust Banks Inc.’s holdings in Pinnacle West Capital were worth $2,284,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Pinnacle West Capital by 4.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 277,214 shares of the utilities provider’s stock worth $21,065,000 after buying an additional 12,376 shares in the last quarter. Parallel Advisors LLC purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $148,000. HBK Investments L P purchased a new position in shares of Pinnacle West Capital during the third quarter valued at approximately $395,000. Hsbc Holdings PLC increased its position in shares of Pinnacle West Capital by 7.2% in the third quarter. Hsbc Holdings PLC now owns 203,465 shares of the utilities provider’s stock valued at $15,487,000 after buying an additional 13,704 shares during the period. Finally, Wetherby Asset Management Inc. purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $229,000. Institutional investors and hedge funds own 82.61% of the company’s stock.

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

Pinnacle West Capital Co. (NYSE:PNW) traded down 0.05% on Friday, hitting $84.57. 868,354 shares of the stock traded hands. Pinnacle West Capital Co. has a 1-year low of $70.81 and a 1-year high of $86.63. The stock has a 50-day moving average price of $84.78 and a 200 day moving average price of $79.69. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 20.54 and a beta of 0.29.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.06. Pinnacle West Capital had a return on equity of 8.97% and a net margin of 12.30%. The business had revenue of $677.73 million for the quarter, compared to analysts’ expectations of $704.09 million. During the same period in the previous year, the business posted $0.04 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts anticipate that Pinnacle West Capital Co. will post $4.25 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 1st will be paid a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, April 27th. Pinnacle West Capital’s dividend payout ratio is currently 68.23%.

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Several brokerages recently commented on PNW. BMO Capital Markets reiterated a “hold” rating and issued a $86.00 target price on shares of Pinnacle West Capital in a report on Wednesday. Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $83.00 to $82.00 and set an “underweight” rating on the stock in a research report on Monday, May 8th. Zacks Investment Research lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, March 8th. Williams Capital downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating and set a $79.00 target price for the company. in a research note on Tuesday, March 7th. Finally, Mizuho boosted their target price on shares of Pinnacle West Capital from $78.00 to $81.00 and gave the stock a “neutral” rating in a research note on Monday, February 27th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $79.38.

In other news, Director Denis A. Cortese sold 1,776 shares of the company’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $83.85, for a total transaction of $148,917.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Barbara M. Gomez sold 1,900 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total value of $159,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,075 shares of company stock worth $5,759,454. Company insiders own 0.70% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

5 Day Chart for NYSE:PNW

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