Wesbanco Bank Inc. Trims Stake in Pinnacle West Capital Co. (NYSE:PNW)

Wesbanco Bank Inc. lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 8.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,500 shares of the utilities provider’s stock after selling 234 shares during the period. Wesbanco Bank Inc.’s holdings in Pinnacle West Capital were worth $221,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its stake in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital during the first quarter worth about $30,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. Rise Advisors LLC purchased a new stake in Pinnacle West Capital in the first quarter worth about $36,000. Finally, Riverview Trust Co purchased a new position in Pinnacle West Capital during the first quarter valued at $46,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Barclays reduced their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley increased their target price on shares of 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, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $80.79.

Insider Activity

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’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 sale, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Up 0.6 %

Shares of NYSE:PNW opened at $87.57 on Thursday. 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 company has a market capitalization of $9.94 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 2.20 and a beta of 0.52. The business has a 50-day moving average price of $87.90 and a 200 day moving average price of $81.01. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. Sell-side analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Pinnacle West Capital Profile

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.