Illinois Municipal Retirement Fund increased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 105.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,338 shares of the utilities provider's stock after purchasing an additional 6,831 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Pinnacle West Capital were worth $1,270,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $35,000. Spirit of America Management Corp NY acquired a new stake in Pinnacle West Capital in the first quarter valued at about $57,000. Resona Asset Management Co. Ltd. purchased a new stake in Pinnacle West Capital in the 4th quarter valued at approximately $60,000. TD Waterhouse Canada Inc. increased its position in Pinnacle West Capital by 125.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider's stock worth $71,000 after purchasing an additional 468 shares during the period. Finally, Versant Capital Management Inc increased its position in Pinnacle West Capital by 971.8% during the 1st quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock worth $80,000 after purchasing an additional 758 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle West Capital Price Performance
Shares of PNW stock traded down $0.67 during trading hours on Wednesday, hitting $90.17. The company's stock had a trading volume of 1,226,798 shares, compared to its average volume of 1,142,282. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. The business has a fifty day moving average of $90.89 and a 200-day moving average of $89.85. Pinnacle West Capital Corporation has a twelve month low of $75.10 and a twelve month high of $96.50. The stock has a market cap of $10.77 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 9.49 and a beta of 0.42.
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). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. Pinnacle West Capital's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 EPS. As a group, equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.
Pinnacle West Capital Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.97%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.
Analyst Ratings Changes
A number of analysts recently weighed in on the company. UBS Group lifted their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Barclays boosted their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price on the stock. One investment 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 company presently has an average rating of "Hold" and an average target price of $97.00.
Read Our Latest Analysis on PNW
About Pinnacle West Capital
(
Free Report)
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.
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