New York State Common Retirement Fund Cuts Stake in Pinnacle West Capital Co. (NYSE:PNW)

New York State Common Retirement Fund cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,113 shares of the utilities provider’s stock after selling 3,500 shares during the period. New York State Common Retirement Fund’s holdings in Pinnacle West Capital were worth $4,079,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Kentucky Retirement Systems Insurance Trust Fund boosted its position in shares of Pinnacle West Capital by 15.9% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,897 shares of the utilities provider’s stock valued at $330,000 after buying an additional 535 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Pinnacle West Capital by 2.5% during the fourth quarter. CIBC Asset Management Inc now owns 16,125 shares of the utilities provider’s stock valued at $1,367,000 after buying an additional 388 shares during the last quarter. Allworth Financial LP boosted its position in shares of Pinnacle West Capital by 125.9% during the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after buying an additional 365 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at $2,300,000. Finally, Asset Planning Inc purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at $72,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PNW. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Citigroup increased their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Guggenheim reissued a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday. Finally, Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $86.58.

Pinnacle West Capital Stock Up 1.8 %

NYSE PNW opened at $92.53 on Friday. The stock’s 50-day moving average price is $86.80 and its 200-day moving average price is $88.16. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52 week low of $67.51 and a 52 week high of $95.42. The company has a market capitalization of $10.52 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data 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 return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. On average, equities research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

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.