Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,457 shares of the utilities provider’s stock after selling 5,361 shares during the period. PNC Financial Services Group Inc. owned approximately 0.05% of Pinnacle West Capital worth $4,128,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PNW. Pathstone Family Office LLC acquired a new position in Pinnacle West Capital during the 3rd quarter worth approximately $305,000. HighTower Advisors LLC lifted its position in Pinnacle West Capital by 14.0% during the 3rd quarter. HighTower Advisors LLC now owns 43,483 shares of the utilities provider’s stock worth $3,202,000 after acquiring an additional 5,354 shares in the last quarter. Deutsche Bank AG lifted its position in Pinnacle West Capital by 48.3% during the 3rd quarter. Deutsche Bank AG now owns 160,432 shares of the utilities provider’s stock worth $11,821,000 after acquiring an additional 52,224 shares in the last quarter. Rafferty Asset Management LLC lifted its position in Pinnacle West Capital by 11.7% during the 3rd quarter. Rafferty Asset Management LLC now owns 11,547 shares of the utilities provider’s stock worth $851,000 after acquiring an additional 1,208 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Pinnacle West Capital during the 3rd quarter worth approximately $443,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $74.72 on Wednesday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.95 and a beta of 0.50. The business has a 50 day simple moving average of $75.73 and a 200-day simple moving average of $72.89.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. During the same period in the previous year, the business earned ($0.03) EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st were issued a $0.88 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio (DPR) is 76.69%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PNW. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Mizuho cut their target price on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Evercore ISI cut their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research report on Monday, March 4th. Finally, Wells Fargo & Company upped their target price on Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $76.04.

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.