Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE grew its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 49.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 845,493 shares of the utilities provider's stock after acquiring an additional 280,460 shares during the quarter. Bank of America Corp DE owned 0.74% of Pinnacle West Capital worth $71,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $29,000. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital in the fourth quarter worth $35,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital in the fourth quarter worth $38,000. Roble Belko & Company Inc bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $42,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Up 1.3%

Shares of PNW stock traded up $1.22 during mid-day trading on Friday, hitting $91.74. 1,059,190 shares of the stock traded hands, compared to its average volume of 1,118,229. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a market cap of $10.95 billion, a P/E ratio of 17.38, a P/E/G ratio of 3.59 and a beta of 0.45. The stock's fifty day moving average is $92.86 and its two-hundred day moving average is $90.02. Pinnacle West Capital Co. has a 52-week low of $74.45 and a 52-week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 earnings per share. Equities analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be given 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 is Monday, May 5th. Pinnacle West Capital's payout ratio is 71.17%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PNW shares. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Jefferies Financial Group lowered their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, January 28th. Barclays lifted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. StockNews.com cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Morgan Stanley raised their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a research note on Thursday, March 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $95.75.

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.