DAVENPORT & Co LLC Invests $3.74 Million in Pinnacle West Capital Corporation (NYSE:PNW)

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

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Pinnacle West Capital by 1.0% during 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 in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position 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 worth $581,945,000 after purchasing an additional 37,768 shares in the last quarter. Invesco Ltd. increased its position 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 worth $364,342,000 after purchasing an additional 1,045,788 shares in the last quarter. Geode Capital Management LLC grew its holdings in Pinnacle West Capital by 7.7% in the 4th 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 in the last quarter. Finally, Deutsche Bank AG grew its holdings 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 buying an additional 610,042 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Up 0.3%

Shares of NYSE PNW traded up $0.25 during mid-day trading on Friday, reaching $90.42. 757,636 shares of the company's stock were exchanged, compared to its average volume of 1,143,948. The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 9.45 and a beta of 0.42. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. Pinnacle West Capital Corporation has a 52-week low of $75.10 and a 52-week high of $96.50. The company's 50-day moving average is $90.74 and its 200-day moving average is $89.91.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its 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 firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. During the same quarter last year, the business earned $0.15 earnings per share. The business's revenue was up 8.5% compared to the same quarter last year. Analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is currently 71.17%.

Analysts Set New Price Targets

Several analysts have issued reports on PNW shares. UBS Group upped their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. BMO Capital Markets started coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Barclays upped their target price 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. Finally, Wells Fargo & Company upped their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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.