Lazard Asset Management LLC Sells 1,312,524 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Lazard Asset Management LLC lessened its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 99.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,170 shares of the utilities provider's stock after selling 1,312,524 shares during the period. Lazard Asset Management LLC's holdings in Pinnacle West Capital were worth $1,030,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. YANKCOM Partnership bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $35,000. Brown Lisle Cummings Inc. bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $38,000. Transcendent Capital Group LLC bought a new position in Pinnacle West Capital during the fourth quarter valued at approximately $46,000. Finally, Allworth Financial LP lifted its position in Pinnacle West Capital by 125.9% during the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 365 shares during the period. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. UBS Group increased their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, January 28th. Guggenheim reaffirmed a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Morgan Stanley upped their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Thursday, March 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and a consensus price target of $95.75.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $92.44 on Tuesday. The firm has a fifty day moving average price of $92.90 and a 200-day moving average price of $90.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a market cap of $11.04 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a 1 year low of $74.45 and a 1 year high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the company earned $0.15 earnings per share. Equities analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.87%. Pinnacle West Capital's payout ratio is 71.17%.

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.

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