Pinnacle West Capital Corporation (NYSE:PNW) Holdings Increased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,695,763 shares of the utilities provider's stock after acquiring an additional 6,165 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.26% of Pinnacle West Capital worth $256,771,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Apollon Wealth Management LLC increased its stake in shares of Pinnacle West Capital by 13.0% during the first quarter. Apollon Wealth Management LLC now owns 9,133 shares of the utilities provider's stock worth $870,000 after acquiring an additional 1,048 shares during the period. Edgestream Partners L.P. increased its stake in shares of Pinnacle West Capital by 1,634.1% during the first quarter. Edgestream Partners L.P. now owns 49,370 shares of the utilities provider's stock worth $4,702,000 after acquiring an additional 46,523 shares during the period. Stephens Inc. AR increased its stake in shares of Pinnacle West Capital by 5.6% during the first quarter. Stephens Inc. AR now owns 4,681 shares of the utilities provider's stock worth $446,000 after acquiring an additional 247 shares during the period. Ballentine Partners LLC acquired a new position in shares of Pinnacle West Capital during the first quarter worth about $210,000. Finally, Fortem Financial Group LLC increased its stake in shares of Pinnacle West Capital by 73.3% during the first quarter. Fortem Financial Group LLC now owns 9,906 shares of the utilities provider's stock worth $944,000 after acquiring an additional 4,189 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PNW shares. KeyCorp lowered their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday. BMO Capital Markets started 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. UBS Group restated a "neutral" rating and set a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Barclays upped 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. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.78.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.91 during trading hours on Thursday, reaching $91.82. The company's stock had a trading volume of 411,867 shares, compared to its average volume of 1,134,469. The company's 50 day simple moving average is $90.15 and its 200 day simple moving average is $90.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. Pinnacle West Capital Corporation has a one year low of $80.50 and a one year high of $96.50. The stock has a market cap of $10.96 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 9.37 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results 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). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. The company's quarterly revenue was up 8.5% compared to the same quarter last year. As a group, analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. Pinnacle West Capital's payout ratio is currently 71.17%.

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.