Raymond James Financial Inc. Makes New $4.89 Million Investment in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James Financial Inc. acquired a new position in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 57,713 shares of the utilities provider’s stock, valued at approximately $4,892,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Fortem Financial Group LLC raised its position in Pinnacle West Capital by 2.2% in the fourth quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after purchasing an additional 124 shares during the period. New York Life Investment Management LLC grew its stake in shares of Pinnacle West Capital by 0.9% in the fourth quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after buying an additional 127 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Pinnacle West Capital by 10.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock valued at $135,000 after buying an additional 156 shares during the period. Glenmede Trust Co. NA lifted its position in Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after acquiring an additional 163 shares in the last quarter. Finally, LRI Investments LLC boosted its holdings in Pinnacle West Capital by 7.0% in the 3rd quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after acquiring an additional 163 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Guggenheim reaffirmed a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Morgan Stanley lifted their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.17.

Pinnacle West Capital Trading Down 1.7 %

Pinnacle West Capital stock opened at $91.54 on Wednesday. Pinnacle West Capital Co. has a 12-month low of $70.73 and a 12-month high of $95.42. The stock has a market capitalization of $10.90 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The firm has a 50 day simple moving average of $89.83 and a 200-day simple moving average of $88.88. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $1.10 billion for 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, equities research analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

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.