Cerity Partners LLC Purchases 44,187 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Cerity Partners LLC lifted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 47.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 137,951 shares of the utilities provider's stock after acquiring an additional 44,187 shares during the quarter. Cerity Partners LLC owned approximately 0.12% of Pinnacle West Capital worth $13,140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNW. Norges Bank bought a new stake in Pinnacle West Capital in the 4th quarter valued at $194,655,000. Invesco Ltd. boosted its stake in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the period. Merewether Investment Management LP bought a new stake in Pinnacle West Capital in the 4th quarter valued at $69,233,000. Two Sigma Advisers LP boosted its stake in Pinnacle West Capital by 462.8% in the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after purchasing an additional 750,700 shares during the period. Finally, Deutsche Bank AG boosted its stake in Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after purchasing an additional 610,042 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNW. UBS Group restated a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. BMO Capital Markets started coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price target for the company. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Barclays lifted their price objective 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. One equities 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 stock. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and an average target price of $96.78.

Pinnacle West Capital Price Performance

PNW traded up $0.63 on Thursday, reaching $91.54. The stock had a trading volume of 799,378 shares, compared to its average volume of 1,135,978. Pinnacle West Capital Corporation has a fifty-two week low of $81.27 and a fifty-two week high of $96.50. The firm has a 50-day moving average of $90.14 and a 200-day moving average of $90.26. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 9.46 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results 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 net margin of 11.28% and a return on equity of 8.78%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter last year, the firm posted $0.15 EPS. The company's quarterly revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 3.91%. Pinnacle West Capital's payout ratio is 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.