Raymond James Financial Inc. Buys New Stake in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James Financial Inc. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 57,713 shares of the utilities provider’s stock, valued at approximately $4,892,000. Raymond James Financial Inc. owned approximately 0.05% of Pinnacle West Capital at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its holdings in shares of Pinnacle West Capital by 0.8% during the 4th quarter. Arizona State Retirement System now owns 32,972 shares of the utilities provider’s stock worth $2,795,000 after acquiring an additional 273 shares during the period. Aigen Investment Management LP acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $648,000. Proficio Capital Partners LLC purchased a new position in Pinnacle West Capital during the fourth quarter worth about $3,528,000. Charles Schwab Investment Management Inc. boosted its holdings in Pinnacle West Capital by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,190 shares of the utilities provider’s stock valued at $87,414,000 after purchasing an additional 3,102 shares during the last quarter. Finally, Reaves W H & Co. Inc. grew its stake in shares of Pinnacle West Capital by 35.2% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock valued at $117,891,000 after buying an additional 362,083 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $91.54 on Wednesday. The stock has a market capitalization of $10.90 billion, a P/E ratio of 17.34, a P/E/G ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a 12-month low of $70.73 and a 12-month high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm’s 50-day moving average is $89.83 and its two-hundred day moving average is $88.88.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Equities analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on PNW shares. Guggenheim reaffirmed a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “strong-buy” rating in a report on Monday, March 17th. Jefferies Financial Group decreased their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Morgan Stanley lifted their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $95.17.

Pinnacle West Capital Company 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.