Hennion & Walsh Asset Management Inc. Lowers Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Hennion & Walsh Asset Management Inc. cut its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,911 shares of the utilities provider’s stock after selling 1,465 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Pinnacle West Capital were worth $1,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PNW. Intech Investment Management LLC acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $898,000. abrdn plc lifted its stake in Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares in the last quarter. Virtu Financial LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth $977,000. Quantbot Technologies LP acquired a new position in Pinnacle West Capital during the first quarter worth $1,102,000. Finally, Duality Advisers LP purchased a new stake in shares of Pinnacle West Capital during the fourth quarter worth $1,422,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.4 %

Shares of NYSE:PNW traded up $0.34 during midday trading on Monday, hitting $86.79. 168,908 shares of the stock were exchanged, compared to its average volume of 1,140,878. The stock has a market capitalization of $9.86 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 2.26 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The business’s 50-day moving average price is $80.43 and its 200 day moving average price is $75.57. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $89.39.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.73% and a net margin of 12.65%. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.94 EPS. Pinnacle West Capital’s quarterly revenue was up 15.7% compared to the same quarter last year. Analysts predict that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.06%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Wall Street Analyst Weigh In

PNW has been the topic of several research reports. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Citigroup began coverage on shares of Pinnacle West Capital in a report on Monday, April 29th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Barclays cut their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $77.41.

Insider Activity at Pinnacle West Capital

In other news, 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 value of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The sale was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by insiders.

About Pinnacle West Capital

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.