Pinnacle West Capital Co. (NYSE:PNW) Stock Position Increased by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 70.6% during the fourth quarter, Holdings Channel reports. The firm owned 481 shares of the utilities provider’s stock after purchasing an additional 199 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Pinnacle West Capital were worth $35,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PNW. Capital Research Global Investors raised its position in shares of Pinnacle West Capital by 116.8% during the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock worth $467,521,000 after purchasing an additional 3,506,181 shares during the period. Norges Bank acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth $112,914,000. Victory Capital Management Inc. raised its position in shares of Pinnacle West Capital by 1,267.8% during the fourth quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock worth $22,404,000 after purchasing an additional 289,061 shares during the period. BNP Paribas Financial Markets raised its position in shares of Pinnacle West Capital by 494.7% during the fourth quarter. BNP Paribas Financial Markets now owns 197,905 shares of the utilities provider’s stock worth $14,217,000 after purchasing an additional 164,625 shares during the period. Finally, ING Groep NV raised its position in shares of Pinnacle West Capital by 1,000.4% during the fourth quarter. ING Groep NV now owns 156,525 shares of the utilities provider’s stock worth $11,245,000 after purchasing an additional 142,300 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Citigroup started coverage on Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 target price on the stock. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Friday, June 7th. Morgan Stanley lifted their price target on Pinnacle West Capital from $70.00 to $76.00 and gave the company an “equal weight” rating in a report on Tuesday, May 28th. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their price target for the company from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Evercore ISI lowered their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a report on Monday, March 4th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $76.04.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $74.72 on Wednesday. The business’s 50-day moving average price is $75.73 and its two-hundred day moving average price is $72.89. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.03. The company has a market capitalization of $8.49 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.95 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The firm had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. Analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

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.