Charles Schwab Investment Management Inc. Raises Stock Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Charles Schwab Investment Management Inc. grew its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,044,047 shares of the utilities provider's stock after buying an additional 12,857 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.88% of Pinnacle West Capital worth $99,445,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PNW. Brighton Jones LLC acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $417,000. Advisory Services Network LLC raised its stake in Pinnacle West Capital by 20.1% during the fourth quarter. Advisory Services Network LLC now owns 3,736 shares of the utilities provider's stock valued at $317,000 after buying an additional 625 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $4,892,000. Capital Fund Management S.A. acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $2,741,000. Finally, Treasurer of the State of North Carolina grew its holdings in Pinnacle West Capital by 0.8% in the 4th quarter. Treasurer of the State of North Carolina now owns 52,808 shares of the utilities provider's stock worth $4,477,000 after buying an additional 424 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PNW has been the subject of a number of research analyst reports. UBS Group restated a "neutral" rating and issued a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Barclays decreased their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Finally, Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Trading Down 0.7%

PNW traded down $0.61 during trading on Friday, hitting $91.30. 1,463,106 shares of the stock traded hands, compared to its average volume of 1,258,529. The firm has a 50-day moving average of $90.71 and a 200 day moving average of $91.32. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The firm has a market capitalization of $10.90 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 9.43 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. Pinnacle West Capital's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $1.76 EPS. Equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 3.9%. Pinnacle West Capital's dividend payout ratio is 73.81%.

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.