Bank of New York Mellon Corp Sells 57,637 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Bank of New York Mellon Corp trimmed its stake in shares of 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 SEC. The firm owned 1,064,947 shares of the utilities provider's stock after selling 57,637 shares during the quarter. Bank of New York Mellon Corp owned about 0.89% of Pinnacle West Capital worth $101,436,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

PNW has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. UBS Group upped their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "neutral" rating in a research report on Friday. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Barclays boosted their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 1st. Finally, BMO Capital Markets assumed coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and a consensus target price of $96.89.

Pinnacle West Capital Trading Down 0.4%

Shares of PNW stock traded down $0.33 on Friday, hitting $91.01. The company had a trading volume of 731,717 shares, compared to its average volume of 1,138,820. The firm has a market cap of $10.87 billion, a P/E ratio of 18.09, a P/E/G ratio of 9.48 and a beta of 0.42. The stock's 50-day moving average is $90.33 and its two-hundred day moving average is $90.17. 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 Corporation has a twelve month low of $79.33 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The firm's revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.15 EPS. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.93%. Pinnacle West Capital's payout ratio is currently 71.17%.

Pinnacle West Capital Company 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.