Jefferies Financial Group Inc. Purchases Shares of 5,102 Pinnacle West Capital Corporation (NYSE:PNW)

Jefferies Financial Group Inc. acquired a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 5,102 shares of the utilities provider's stock, valued at approximately $486,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bayforest Capital Ltd grew its position in shares of Pinnacle West Capital by 82.6% during the 1st quarter. Bayforest Capital Ltd now owns 935 shares of the utilities provider's stock worth $89,000 after buying an additional 423 shares during the period. XTX Topco Ltd bought a new position in Pinnacle West Capital in the first quarter valued at approximately $714,000. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Pinnacle West Capital during the 1st quarter worth $96,000. Mackenzie Financial Corp raised its position in shares of Pinnacle West Capital by 146.6% during the 1st quarter. Mackenzie Financial Corp now owns 42,279 shares of the utilities provider's stock valued at $4,027,000 after acquiring an additional 25,137 shares during the last quarter. Finally, Inspire Advisors LLC bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $290,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PNW shares. UBS Group restated a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. BMO Capital Markets increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday. Morgan Stanley decreased their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. KeyCorp lowered their price target 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. Finally, Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. 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 company's stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and an average price target of $97.11.

Pinnacle West Capital Stock Down 1.2%

NYSE PNW traded down $1.11 during trading hours on Friday, reaching $92.67. 1,014,063 shares of the company's stock were exchanged, compared to its average volume of 1,206,722. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.34 and a current ratio of 0.52. The company has a market capitalization of $11.07 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 9.65 and a beta of 0.38. The company's 50-day moving average is $90.47 and its two-hundred day moving average is $91.11. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50.

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

Pinnacle West Capital Announces Dividend

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

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.