Pinnacle West Capital Co. (NYSE:PNW) Position Raised by Arizona State Retirement System

Arizona State Retirement System grew its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,972 shares of the utilities provider’s stock after acquiring an additional 273 shares during the quarter. Arizona State Retirement System’s holdings in Pinnacle West Capital were worth $2,795,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PNW. HITE Hedge Asset Management LLC boosted its stake in Pinnacle West Capital by 261.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd acquired a new stake in Pinnacle West Capital in the 3rd quarter valued at approximately $2,235,000. Principal Financial Group Inc. raised its stake in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after acquiring an additional 9,993 shares in the last quarter. Entropy Technologies LP raised its stake in Pinnacle West Capital by 170.1% during the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after acquiring an additional 19,089 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Pinnacle West Capital by 47.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after acquiring an additional 3,758 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research report 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 report on Tuesday, January 28th. Guggenheim reissued a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Citigroup upped their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $90.15.

Pinnacle West Capital Trading Up 1.3 %

Shares of NYSE PNW opened at $91.91 on Monday. 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 one year low of $69.50 and a one year high of $95.42. The business has a 50-day moving average price of $87.62 and a two-hundred day moving average price of $88.43. The firm has a market capitalization of $10.95 billion, a PE ratio of 17.41, a PEG ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates 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 predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 3rd were paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend was Monday, February 3rd. Pinnacle West Capital’s payout ratio is presently 68.58%.

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.