Raymond James Financial Inc. Purchases Shares of 57,713 Pinnacle West Capital Co. (NYSE:PNW)

Raymond James Financial Inc. purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 57,713 shares of the utilities provider's stock, valued at approximately $4,892,000. Raymond James Financial Inc. owned about 0.05% of Pinnacle West Capital as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Pinnacle West Capital by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock valued at $1,202,116,000 after purchasing an additional 143,716 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Pinnacle West Capital by 0.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock worth $581,945,000 after buying an additional 37,768 shares in the last quarter. Invesco Ltd. increased its stake in shares of Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares during the period. Geode Capital Management LLC raised its position in shares of Pinnacle West Capital by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock worth $243,897,000 after acquiring an additional 204,805 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Pinnacle West Capital during the fourth quarter valued at $194,655,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.8 %

Shares of PNW stock traded up $0.77 on Tuesday, hitting $95.36. The stock had a trading volume of 856,795 shares, compared to its average volume of 1,097,788. 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 Co. has a twelve month low of $72.78 and a twelve month high of $96.50. The company has a fifty day moving average price of $92.72 and a two-hundred day moving average price of $89.64. The firm has a market cap of $11.37 billion, a P/E ratio of 18.06, a PEG ratio of 3.59 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. As a group, analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.75%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 68.58%.

Analysts Set New Price Targets

PNW has been the subject of a number of research reports. UBS Group lifted their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Tuesday, April 22nd. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, March 20th. 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 report on Tuesday, January 28th. Finally, Wells Fargo & Company increased their price target 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. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and a consensus target price of $95.50.

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.