Howard Capital Management Inc. Invests $280,000 in Pinnacle West Capital Co. (NYSE:PNW)

Howard Capital Management Inc. acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,308 shares of the utilities provider's stock, valued at approximately $280,000.

A number of other hedge funds have also recently modified their holdings of the company. YANKCOM Partnership purchased a new position in Pinnacle West Capital during the fourth quarter worth about $29,000. Venturi Wealth Management LLC boosted its stake in Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock worth $38,000 after buying an additional 238 shares during the period. Brown Lisle Cummings Inc. purchased a new position in Pinnacle West Capital during the fourth quarter worth about $38,000. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital during the third quarter worth about $43,000. Finally, Roble Belko & Company Inc purchased a new position in Pinnacle West Capital during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PNW. KeyCorp raised shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, November 22nd. Guggenheim reissued a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday. Finally, Citigroup increased their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $86.58.

Pinnacle West Capital Stock Up 1.8 %

NYSE:PNW traded up $1.67 during mid-day trading on Friday, hitting $92.53. The stock had a trading volume of 938,189 shares, compared to its average volume of 1,026,315. The stock has a 50-day simple moving average of $86.96 and a two-hundred day simple moving average of $88.21. The company has a market capitalization of $10.52 billion, a PE ratio of 17.53, a PEG ratio of 3.59 and a beta of 0.57. Pinnacle West Capital Co. has a twelve month low of $67.51 and a twelve month high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. On average, equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 3.87%. Pinnacle West Capital's dividend payout ratio is currently 67.80%.

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.