State Board of Administration of Florida Retirement System trimmed its stake in Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,946 shares of the utilities provider’s stock after selling 5,230 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.11% of Pinnacle West Capital worth $9,505,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PNW. Norges Bank purchased a new position in Pinnacle West Capital during the 4th quarter worth $104,067,000. State Street Corp lifted its stake in shares of Pinnacle West Capital by 18.4% in the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock worth $539,808,000 after acquiring an additional 1,072,235 shares during the period. Jennison Associates LLC acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth $74,297,000. Empower Advisory Group LLC acquired a new stake in shares of Pinnacle West Capital in the 1st quarter worth $67,970,000. Finally, Invesco Ltd. lifted its stake in shares of Pinnacle West Capital by 29.6% in the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after acquiring an additional 808,207 shares during the period. 84.95% of the stock is owned by hedge funds and other institutional investors.
Pinnacle West Capital Stock Down 0.1 %
Shares of NYSE PNW opened at $78.62 on Monday. Pinnacle West Capital Co. has a 12-month low of $59.03 and a 12-month high of $86.03. The company has a market capitalization of $8.91 billion, a PE ratio of 21.96, a price-to-earnings-growth ratio of 2.84 and a beta of 0.48. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.70. The firm’s 50-day moving average is $79.61 and its two-hundred day moving average is $79.36.
Pinnacle West Capital Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st were given a $0.865 dividend. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Monday, July 31st. Pinnacle West Capital’s dividend payout ratio is presently 96.65%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PNW. Wells Fargo & Company reduced their target price on shares of Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $78.00 to $73.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 23rd. Mizuho restated a “buy” rating and issued a $85.00 target price on shares of Pinnacle West Capital in a research note on Friday. StockNews.com assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Finally, KeyCorp raised their price objective on shares of Pinnacle West Capital from $55.00 to $61.00 in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $77.90.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.
Featured Articles
- Five stocks we like better than Pinnacle West Capital
- What Investors Need to Know to Beat the Market
- 5 Reasons Apple’s New Phone Moves the Needle: 5 That It Won’t
- Stock Market Sectors: What Are They and How Many Are There?
- MarketBeat Week in Review – 9/11 – 9/15
- How Technical Indicators Can Help You Find Oversold Stocks
- China’s Jump In Car Sales Is Drawing Big Money To These Stocks
Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.
