NBC Securities Inc. Grows Stake in Pinnacle West Capital Co. (NYSE:PNW)

NBC Securities Inc. boosted its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 102,078.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,828 shares of the utilities provider's stock after buying an additional 38,790 shares during the quarter. NBC Securities Inc.'s holdings in Pinnacle West Capital were worth $3,698,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at $194,655,000. Invesco Ltd. boosted its position in Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP acquired a new position in Pinnacle West Capital in the fourth quarter valued at about $69,233,000. Two Sigma Advisers LP lifted its position in shares of Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after purchasing an additional 750,700 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock worth $206,420,000 after buying an additional 610,042 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.1%

PNW traded down $0.11 during midday trading on Thursday, hitting $89.43. The company had a trading volume of 182,971 shares, compared to its average volume of 1,116,314. Pinnacle West Capital Co. has a 52 week low of $74.45 and a 52 week high of $96.50. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 3.59 and a beta of 0.43. The stock's 50 day moving average price is $92.29 and its 200 day moving average price is $90.19.

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 for 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 company's revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, research 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 company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 5th were given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital's payout ratio is 71.17%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. BMO Capital Markets began coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Guggenheim reiterated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Barclays boosted 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 note on Tuesday, April 1st. Finally, Morgan Stanley cut their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and a consensus price target of $95.65.

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.