Townsquare Capital LLC Invests $246,000 in Pinnacle West Capital Co. (NYSE:PNW)

Townsquare Capital LLC acquired a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,904 shares of the utilities provider's stock, valued at approximately $246,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNW. Sterling Capital Management LLC increased its holdings in shares of Pinnacle West Capital by 55.4% during the fourth quarter. Sterling Capital Management LLC now owns 6,729 shares of the utilities provider's stock valued at $570,000 after acquiring an additional 2,400 shares in the last quarter. Clean Energy Transition LLP increased its stake in Pinnacle West Capital by 1.9% during the 4th quarter. Clean Energy Transition LLP now owns 41,605 shares of the utilities provider's stock valued at $3,527,000 after purchasing an additional 763 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Pinnacle West Capital by 0.8% in the fourth quarter. Treasurer of the State of North Carolina now owns 52,808 shares of the utilities provider's stock worth $4,477,000 after buying an additional 424 shares during the last quarter. LSV Asset Management bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $4,535,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $2,741,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

PNW stock traded down $0.74 during midday trading on Friday, reaching $93.74. 956,390 shares of the company's stock traded hands, compared to its average volume of 1,099,184. 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 52-week low of $72.78 and a 52-week high of $96.50. The stock has a market cap of $11.18 billion, a P/E ratio of 17.75, a PEG ratio of 3.59 and a beta of 0.42. The stock's 50-day moving average is $92.56 and its 200 day moving average is $89.48.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping 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 firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a $0.895 dividend. The ex-dividend date is Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. Pinnacle West Capital's payout ratio is currently 68.58%.

Wall Street Analysts Forecast Growth

PNW has been the topic of several recent analyst reports. Jefferies Financial Group cut their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Tuesday. UBS Group boosted their target price 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. Barclays raised their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. Finally, Morgan Stanley boosted 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. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $95.50.

About Pinnacle West Capital

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.