LGT Fund Management Co Ltd. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 29,213 shares of the utilities provider's stock, valued at approximately $2,476,000.
Other institutional investors also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new position in shares of Pinnacle West Capital during the fourth quarter worth approximately $29,000. Venturi Wealth Management LLC boosted its stake in Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock worth $38,000 after purchasing an additional 238 shares during the period. Brown Lisle Cummings Inc. purchased a new position in Pinnacle West Capital during the 4th quarter worth $38,000. Roble Belko & Company Inc acquired a new position in Pinnacle West Capital in the fourth quarter valued at $42,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at about $43,000. Institutional investors and hedge funds own 91.51% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Morgan Stanley lowered their price target 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. KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Guggenheim reaffirmed a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $87.13.
View Our Latest Stock Report on PNW
Pinnacle West Capital Price Performance
Shares of NYSE PNW traded up $1.68 during trading on Monday, hitting $94.22. 1,290,818 shares of the company were exchanged, compared to its average volume of 1,000,222. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1 year low of $67.69 and a 1 year high of $95.42. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 3.59 and a beta of 0.57. The firm's fifty day moving average price is $86.96 and its 200 day moving average price is $88.24.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.06 billion. On average, sell-side analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.
Pinnacle West Capital Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's dividend payout ratio is currently 68.58%.
Pinnacle West Capital Profile
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Free Report)
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.
Further Reading
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