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

Lazard Asset Management LLC decreased its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 99.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,170 shares of the utilities provider's stock after selling 1,312,524 shares during the quarter. Lazard Asset Management LLC's holdings in Pinnacle West Capital were worth $1,030,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. YANKCOM Partnership acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $29,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $35,000. Brown Lisle Cummings Inc. acquired a new stake in Pinnacle West Capital during the 4th quarter worth about $38,000. Transcendent Capital Group LLC acquired a new stake in Pinnacle West Capital during the 4th quarter worth about $46,000. Finally, Allworth Financial LP boosted its position in Pinnacle West Capital by 125.9% during the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after acquiring an additional 365 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the subject of a number of research reports. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. UBS Group raised their price objective 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 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. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $95.65.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded up $0.87 on Friday, hitting $90.76. The stock had a trading volume of 545,931 shares, compared to its average volume of 1,130,034. The firm's 50 day moving average price is $92.72 and its 200-day moving average price is $90.22. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a twelve month low of $74.45 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 9.60% and a net margin of 12.26%. The firm's quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. On average, equities research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be given 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 3.94%. Pinnacle West Capital's dividend payout ratio (DPR) is 71.17%.

Pinnacle West Capital Company 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.