Bank of New York Mellon Corp Has $101.44 Million Stock Position in Pinnacle West Capital Corporation (NYSE:PNW)

Bank of New York Mellon Corp cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,064,947 shares of the utilities provider's stock after selling 57,637 shares during the period. Bank of New York Mellon Corp owned about 0.89% of Pinnacle West Capital worth $101,436,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Pinnacle West Capital by 26.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after buying an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Pinnacle West Capital by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after buying an additional 1,411 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Pinnacle West Capital by 8.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after buying an additional 366 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Pinnacle West Capital by 1.7% in the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after buying an additional 372 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Pinnacle West Capital by 39.3% in the 1st quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider's stock worth $201,000 after buying an additional 595 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Up 0.4%

NYSE PNW opened at $90.00 on Thursday. The stock has a fifty day moving average of $90.44 and a 200-day moving average of $90.02. The stock has a market capitalization of $10.75 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 9.37 and a beta of 0.42. Pinnacle West Capital Corporation has a 52 week low of $77.10 and a 52 week high of $96.50. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50.

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 analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same period last year, the firm earned $0.15 earnings per share. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.98%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

Analyst Ratings Changes

PNW has been the subject of a number of recent analyst reports. UBS Group raised 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. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Barclays raised their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. BMO Capital Markets initiated coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target for the company. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and an average target price of $97.00.

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.

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