PNC Financial Services Group Inc. Has $4.13 Million Holdings in Pinnacle West Capital Co. (NYSE:PNW)

PNC Financial Services Group Inc. reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 8.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,457 shares of the utilities provider’s stock after selling 5,361 shares during the period. PNC Financial Services Group Inc.’s holdings in Pinnacle West Capital were worth $4,128,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. MeadowBrook Investment Advisors LLC acquired a new position in Pinnacle West Capital in the 4th quarter worth about $25,000. Financial Gravity Asset Management Inc. increased its position in Pinnacle West Capital by 338.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new position in Pinnacle West Capital in the 4th quarter worth about $26,000. Tobam increased its position in Pinnacle West Capital by 2,620.0% in the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 393 shares during the last quarter. Finally, First United Bank & Trust acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $29,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $74.72 on Wednesday. The business has a 50 day moving average price of $75.73 and a 200 day moving average price of $72.89. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.95 and a beta of 0.50. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st were given a $0.88 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PNW. Mizuho lowered their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the company from $74.00 to $83.50 in a report on Thursday, June 6th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Friday, June 7th. Barclays increased their price objective on Pinnacle West Capital from $76.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Finally, Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the company from $71.00 to $80.00 in a report on Monday, March 18th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $76.04.

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.