Cetera Investment Advisers Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Cetera Investment Advisers decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,248 shares of the utilities provider's stock after selling 4,903 shares during the period. Cetera Investment Advisers' holdings in Pinnacle West Capital were worth $2,479,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Pinnacle West Capital by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock worth $1,202,116,000 after purchasing an additional 143,716 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Pinnacle West Capital by 0.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock valued at $581,945,000 after buying an additional 37,768 shares during the period. Invesco Ltd. increased its stake in shares of Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares during the period. Geode Capital Management LLC increased its stake in shares of Pinnacle West Capital by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock valued at $243,897,000 after buying an additional 204,805 shares during the period. Finally, Norges Bank purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at $194,655,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 1.0%

PNW stock traded up $0.87 during trading on Friday, reaching $90.76. 545,931 shares of the company traded hands, compared to its average volume of 1,127,236. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The business has a 50 day simple moving average of $92.72 and a 200 day simple moving average of $90.21. Pinnacle West Capital Co. has a 12 month low of $74.45 and a 12 month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Pinnacle West Capital's revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 EPS. On average, equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

Analysts Set New Price Targets

Several brokerages have recently commented on PNW. Morgan Stanley cut their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Thursday. Guggenheim restated a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Wells Fargo & Company raised their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. One 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's stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and a consensus price target of $95.65.

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.