Gateway Investment Advisers LLC Sells 7,817 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Gateway Investment Advisers LLC trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 14.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,884 shares of the utilities provider's stock after selling 7,817 shares during the period. Gateway Investment Advisers LLC's holdings in Pinnacle West Capital were worth $4,275,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in 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 valued at $1,202,116,000 after acquiring an additional 143,716 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Pinnacle West Capital by 0.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock valued at $581,945,000 after purchasing an additional 37,768 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the last quarter. Geode Capital Management LLC raised its position 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 worth $243,897,000 after purchasing an additional 204,805 shares during the period. Finally, Deutsche Bank AG raised its position 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 worth $206,420,000 after purchasing an additional 610,042 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Down 0.5%

Shares of PNW stock traded down $0.46 during trading hours on Wednesday, reaching $89.20. The company's stock had a trading volume of 853,422 shares, compared to its average volume of 1,122,701. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a one year low of $74.45 and a one year high of $96.50. The stock has a market capitalization of $10.65 billion, a P/E ratio of 16.89, a P/E/G ratio of 3.59 and a beta of 0.43. The firm's fifty day simple moving average is $91.82 and its 200 day simple moving average is $90.10.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly 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). Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter last year, the firm earned $0.15 EPS. The business's revenue was up 8.5% on a year-over-year basis. Equities research analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 5th were issued a $0.895 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 4.01%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

Analyst Ratings Changes

PNW has been the topic of a number of recent research reports. Barclays raised their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. UBS Group increased 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. BMO Capital Markets assumed coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price target on the stock. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Morgan Stanley cut their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $97.00.

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.