Financial Counselors Inc. Increases Position in Pinnacle West Capital Co. (NYSE:PNW)

Financial Counselors Inc. raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 10.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 208,769 shares of the utilities provider's stock after acquiring an additional 20,384 shares during the quarter. Financial Counselors Inc. owned approximately 0.18% of Pinnacle West Capital worth $15,946,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors boosted its holdings in shares of Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock valued at $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Zimmer Partners LP bought a new stake in Pinnacle West Capital in the 1st quarter worth approximately $198,409,000. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $112,914,000. Finally, Victory Capital Management Inc. boosted its position in shares of Pinnacle West Capital by 1,267.8% during the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider's stock valued at $22,404,000 after acquiring an additional 289,061 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.4 %

Shares of PNW stock traded up $0.37 on Monday, reaching $87.52. 736,100 shares of the company's stock were exchanged, compared to its average volume of 1,117,230. The company's fifty day simple moving average is $82.91 and its 200 day simple moving average is $77.07. The stock has a market capitalization of $9.94 billion, a PE ratio of 19.07, a P/E/G ratio of 2.23 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $89.39.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business's revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. As a group, analysts forecast that Pinnacle West Capital Co. will post 4.75 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Thursday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 76.69%.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of recent research reports. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and upped their price target for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Barclays dropped their price target on Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a research report on Tuesday, July 2nd. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $80.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. Finally, Morgan Stanley lifted their target price on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an "equal weight" rating in a report on Friday, August 23rd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $77.95.

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.