Fiera Capital Corp lowered its stake in Pinnacle West Capital Co. (NYSE:PNW) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 9,000 shares of the utilities provider’s stock after selling 200 shares during the period. Fiera Capital Corp’s holdings in Pinnacle West Capital were worth $860,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. BlackRock Inc. lifted its stake in Pinnacle West Capital by 7.2% during the fourth quarter. BlackRock Inc. now owns 13,836,804 shares of the utilities provider’s stock valued at $1,178,896,000 after purchasing an additional 928,749 shares during the last quarter. Vanguard Group Inc lifted its position in shares of Pinnacle West Capital by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock valued at $963,063,000 after acquiring an additional 155,601 shares in the last quarter. American Century Companies Inc. increased its stake in Pinnacle West Capital by 2.6% in the 4th quarter. American Century Companies Inc. now owns 2,984,645 shares of the utilities provider’s stock valued at $254,292,000 after buying an additional 74,525 shares during the period. Ronna Sue Cohen increased its stake in Pinnacle West Capital by 9,363.1% in the 1st quarter. Ronna Sue Cohen now owns 1,667,971 shares of the utilities provider’s stock valued at $1,668,000 after buying an additional 1,650,345 shares during the period. Finally, Geode Capital Management LLC increased its stake in Pinnacle West Capital by 8.3% in the 4th quarter. Geode Capital Management LLC now owns 1,530,593 shares of the utilities provider’s stock valued at $130,192,000 after buying an additional 117,893 shares during the period. 85.17% of the stock is owned by institutional investors and hedge funds.
PNW has been the topic of several research reports. Credit Suisse Group set a $102.00 price objective on shares of Pinnacle West Capital and gave the company a “buy” rating in a research note on Monday, April 22nd. Royal Bank of Canada lowered shares of Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 price target on the stock. in a research note on Friday, March 1st. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Friday, May 10th. Morgan Stanley set a $98.00 target price on Pinnacle West Capital and gave the stock a “hold” rating in a report on Thursday, May 16th. Finally, Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price on the stock in a report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $93.36.
PNW traded up $0.35 during trading hours on Friday, hitting $94.09. The stock had a trading volume of 1,304,300 shares, compared to its average volume of 1,015,749. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.36 and a current ratio of 0.55. The stock has a market capitalization of $10.61 billion, a PE ratio of 20.72, a PEG ratio of 3.90 and a beta of 0.20. Pinnacle West Capital Co. has a 1 year low of $77.19 and a 1 year high of $99.81. The firm’s fifty day simple moving average is $96.19.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). The company had revenue of $740.53 million for the quarter, compared to analysts’ expectations of $718.60 million. Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. Analysts predict that Pinnacle West Capital Co. will post 4.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be issued a $0.738 dividend. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.95 dividend on an annualized basis and a yield of 3.14%. Pinnacle West Capital’s dividend payout ratio is currently 64.98%.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
Read More: What is the outlook for the FAANG 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.