DAVENPORT & Co LLC Buys Shares of 39,297 Pinnacle West Capital Corporation (NYSE:PNW)

DAVENPORT & Co LLC acquired a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 39,297 shares of the utilities provider's stock, valued at approximately $3,743,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mather Group LLC. increased its position in shares of Pinnacle West Capital by 7.6% during the first quarter. Mather Group LLC. now owns 2,496 shares of the utilities provider's stock valued at $238,000 after acquiring an additional 177 shares during the last quarter. Amalgamated Bank increased its position in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after acquiring an additional 372 shares during the last quarter. KBC Group NV increased its position in shares of Pinnacle West Capital by 7.5% during the first quarter. KBC Group NV now owns 4,731 shares of the utilities provider's stock valued at $451,000 after acquiring an additional 329 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after purchasing an additional 366 shares in the last quarter. Finally, Tsfg LLC acquired a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $60,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

PNW stock traded down $0.36 on Monday, hitting $90.06. The company's stock had a trading volume of 1,060,019 shares, compared to its average volume of 1,141,682. The firm has a 50 day moving average of $90.65 and a two-hundred day moving average of $90.03. Pinnacle West Capital Corporation has a 1 year low of $75.57 and a 1 year high of $96.50. The stock has a market cap of $10.75 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 9.45 and a beta of 0.42. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. Equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued 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 dividend yield of 3.98%. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price objective for the company. UBS Group boosted their price target 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. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, Morgan Stanley lowered their price target 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $97.00.

Pinnacle West Capital Company 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.