Bank of New York Mellon Corp Sells 28,574 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Bank of New York Mellon Corp lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,122,584 shares of the utilities provider's stock after selling 28,574 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.99% of Pinnacle West Capital worth $95,161,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PNW. Assenagon Asset Management S.A. grew its stake in shares of Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock worth $57,413,000 after purchasing an additional 466,736 shares during the period. Jennison Associates LLC acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth about $32,078,000. Yaupon Capital Management LP bought a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $22,173,000. Zimmer Partners LP raised its position in shares of Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock valued at $256,882,000 after acquiring an additional 155,466 shares during the period. Finally, ING Groep NV bought a new position in Pinnacle West Capital during the 3rd quarter worth approximately $12,065,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 1.8 %

Pinnacle West Capital stock traded up $1.68 during mid-day trading on Monday, reaching $94.22. The company's stock had a trading volume of 1,290,818 shares, compared to its average volume of 1,000,222. The business's 50 day simple moving average is $86.96 and its 200 day simple moving average is $88.24. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a 12 month low of $67.69 and a 12 month high of $95.42. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating 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 company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. As a group, research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio is presently 68.58%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PNW shares. Jefferies Financial Group lowered their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, November 22nd. Finally, Citigroup raised their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $87.13.

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.