Empower Advisory Group LLC Acquires 5,126 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Empower Advisory Group LLC increased its holdings in Pinnacle West Capital by 0.6%, now owning 878,290 shares valued at approximately $83.7 million.
• Pinnacle West Capital Corporation declared a quarterly dividend of $0.895 per share, indicating an annual yield of 3.9%.
• Wall Street analysts show mixed ratings for Pinnacle West Capital, with one analyst issuing a sell rating while others maintain hold and buy ratings.

Empower Advisory Group LLC increased its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 878,290 shares of the utilities provider's stock after buying an additional 5,126 shares during the quarter. Empower Advisory Group LLC owned 0.74% of Pinnacle West Capital worth $83,657,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of Pinnacle West Capital by 32.2% in the 4th 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. Deutsche Bank AG increased its stake in shares of 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 worth $206,420,000 after purchasing an additional 610,042 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Pinnacle West Capital by 27.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock worth $97,162,000 after purchasing an additional 245,003 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Pinnacle West Capital by 57.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock worth $101,518,000 after purchasing an additional 388,527 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Pinnacle West Capital by 8.4% in the 4th quarter. Northern Trust Corp now owns 1,036,018 shares of the utilities provider's stock worth $87,823,000 after purchasing an additional 80,548 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of PNW traded down $1.11 during midday trading on Friday, hitting $92.67. 1,014,063 shares of the company traded hands, compared to its average volume of 1,206,722. The firm has a 50 day moving average of $90.47 and a 200-day moving average of $91.08. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 9.77 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.34 and a current ratio of 0.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The business's revenue was up 3.8% on a year-over-year basis. On average, analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 73.81%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PNW shares. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. UBS Group reiterated a "neutral" rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. One 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. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $97.11.

About Pinnacle West Capital

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.