Mackenzie Financial Corp Acquires 12,874 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mackenzie Financial Corp lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 301.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,142 shares of the utilities provider's stock after purchasing an additional 12,874 shares during the quarter. Mackenzie Financial Corp's holdings in Pinnacle West Capital were worth $1,453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PNW. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock worth $995,000 after purchasing an additional 3,758 shares during the last quarter. Blue Trust Inc. grew its position in Pinnacle West Capital by 33.3% in the fourth quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock worth $128,000 after buying an additional 360 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Pinnacle West Capital by 14.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider's stock valued at $363,000 after acquiring an additional 545 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Pinnacle West Capital by 54.2% during the 4th quarter. Yousif Capital Management LLC now owns 24,212 shares of the utilities provider's stock worth $2,052,000 after acquiring an additional 8,507 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of Pinnacle West Capital in the 4th quarter worth $3,528,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNW has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group boosted their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. BMO Capital Markets assumed coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Guggenheim reissued a "buy" rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. 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 stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and an average price target of $95.65.

Pinnacle West Capital Stock Down 0.9%

Shares of NYSE PNW traded down $0.83 during trading hours on Wednesday, hitting $89.57. The stock had a trading volume of 1,089,228 shares, compared to its average volume of 1,119,976. The firm's 50-day moving average price is $92.29 and its two-hundred day moving average price is $90.19. Pinnacle West Capital Co. has a 52 week low of $74.45 and a 52 week high of $96.50. The company has a market capitalization of $10.69 billion, a P/E ratio of 16.96, a P/E/G 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 (NYSE:PNW - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate 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 was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. Analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 5th were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital's dividend 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.