Bessemer Group Inc. Sells 59,112 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Bessemer Group Inc. decreased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 82.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,966 shares of the utilities provider's stock after selling 59,112 shares during the period. Bessemer Group Inc.'s holdings in Pinnacle West Capital were worth $1,234,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNW. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital in the fourth quarter valued at about $35,000. Spirit of America Management Corp NY purchased a new stake in Pinnacle West Capital in the 1st quarter valued at about $57,000. Resona Asset Management Co. Ltd. bought a new position in Pinnacle West Capital during the fourth quarter valued at $60,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Pinnacle West Capital by 125.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider's stock worth $71,000 after acquiring an additional 468 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in Pinnacle West Capital by 971.8% in the 1st quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock valued at $80,000 after purchasing an additional 758 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNW. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley lowered their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price objective for the company. Finally, Barclays upped their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

PNW stock traded up $1.30 during trading on Tuesday, reaching $90.77. 1,738,919 shares of the company were exchanged, compared to its average volume of 1,140,319. Pinnacle West Capital Corporation has a 52-week low of $75.10 and a 52-week high of $96.50. The company has a market cap of $10.84 billion, a P/E ratio of 18.05, a PEG ratio of 9.35 and a beta of 0.42. The stock's 50 day moving average price is $90.98 and its 200 day moving average price is $89.85. 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 earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (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 firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter last year, the business posted $0.15 EPS. The firm's revenue was up 8.5% compared to the same quarter last year. As a group, analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

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.