Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. cut its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 74.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,160 shares of the utilities provider's stock after selling 121,528 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Pinnacle West Capital were worth $3,489,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. YANKCOM Partnership bought a new stake in Pinnacle West Capital during the fourth quarter valued at $29,000. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital in the fourth quarter worth about $35,000. Brown Lisle Cummings Inc. bought a new position in shares of Pinnacle West Capital in the 4th quarter worth about $38,000. Transcendent Capital Group LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter worth approximately $46,000. Finally, Allworth Financial LP boosted its position in shares of Pinnacle West Capital by 125.9% in the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after purchasing an additional 365 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Trading Up 1.0%

Shares of PNW traded up $0.87 during midday trading on Friday, reaching $90.76. The company had a trading volume of 545,931 shares, compared to its average volume of 1,130,034. Pinnacle West Capital Co. has a 1-year low of $74.45 and a 1-year high of $96.50. The stock has a market cap of $10.84 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The firm has a 50 day simple moving average of $92.72 and a 200-day simple moving average of $90.21. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its 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 firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNW. UBS Group increased their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Jefferies Financial Group dropped their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. BMO Capital Markets initiated coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They set 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 research report on Friday, May 9th. Finally, Wells Fargo & Company lifted their target price 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. 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average 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.