New York State Common Retirement Fund Lowers Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

New York State Common Retirement Fund lowered its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 6.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,113 shares of the utilities provider's stock after selling 3,500 shares during the quarter. New York State Common Retirement Fund's holdings in Pinnacle West Capital were worth $4,079,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. YANKCOM Partnership purchased a new stake in Pinnacle West Capital in the 4th quarter valued at about $29,000. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Brown Lisle Cummings Inc. purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $38,000. Roble Belko & Company Inc acquired a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $42,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $43,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

PNW has been the topic of a number of research analyst reports. 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 report on Wednesday, December 4th. 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 research note on Wednesday, February 26th. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group dropped their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, January 28th. 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. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $87.13.

Pinnacle West Capital Stock Up 1.8 %

PNW stock traded up $1.68 during trading on Monday, hitting $94.22. 1,290,818 shares of the company's stock were exchanged, compared to its average volume of 1,000,222. The business has a 50-day moving average price of $86.96 and a two-hundred day moving average price of $88.24. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 3.59 and a beta of 0.57. Pinnacle West Capital Co. has a 52-week low of $67.69 and a 52-week high of $95.42.

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

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a dividend of $0.895 per share. 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 (DPR) is currently 68.58%.

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.