11,578 Shares in Pinnacle West Capital Co. (NYSE:PNW) Acquired by SteelPeak Wealth LLC

31 Oct 2024, 11:09 by Sarita Garza · The Markets Daily

SteelPeak Wealth LLC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,578 shares of the utilities provider’s stock, valued at approximately $1,026,000.

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $30,000. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the second quarter worth approximately $52,000. First Horizon Advisors Inc. boosted its holdings in Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in Pinnacle West Capital in the second quarter worth approximately $82,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.1 %

PNW stock opened at $87.53 on Thursday. The stock has a market cap of $9.94 billion, a P/E ratio of 16.18, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock’s fifty day simple moving average is $88.27 and its two-hundred day simple moving average is $82.01. 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 – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share 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 analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. Analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Increases Dividend

The business also recently declared 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 dividend yield of 4.09%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 66.17%.

Wall Street Analysts Forecast Growth

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

Get Our Latest Research Report on Pinnacle West Capital

Insider Buying and Selling

In related news, Director Susan T. Flanagan purchased 500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $86.54 per share, with a total value of $43,270.00. Following 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Susan T. Flanagan purchased 500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $86.54 per share, with a total value of $43,270.00. Following 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 position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital 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 completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

About Pinnacle West Capital

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