Romano Brothers AND Company Acquires 3,900 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Romano Brothers AND Company lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 14.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,475 shares of the utilities provider’s stock after purchasing an additional 3,900 shares during the period. Romano Brothers AND Company’s holdings in Pinnacle West Capital were worth $2,700,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings in shares of Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after buying an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after acquiring an additional 2,828,450 shares in the last quarter. Zimmer Partners LP acquired a new stake in Pinnacle West Capital in the first quarter worth $198,409,000. Finally, Bank of New York Mellon Corp increased its stake in Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after purchasing an additional 44,029 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PNW. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Barclays lowered their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Morgan Stanley boosted their price objective 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. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $80.79.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Price Performance

PNW opened at $89.31 on Thursday. The firm has a market cap of $10.14 billion, a P/E ratio of 19.46, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The firm has a 50-day moving average of $88.12 and a 200 day moving average of $81.52.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. On average, research analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 4.01%. Pinnacle West Capital’s dividend payout ratio is 76.69%.

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.