New York State Teachers Retirement System Reduces Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

New York State Teachers Retirement System lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 12.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,241 shares of the utilities provider's stock after selling 18,601 shares during the period. New York State Teachers Retirement System owned 0.11% of Pinnacle West Capital worth $12,024,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Brighton Jones LLC bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at $417,000. Jones Financial Companies Lllp raised its position in shares of Pinnacle West Capital by 76.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,075 shares of the utilities provider's stock worth $91,000 after acquiring an additional 466 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Pinnacle West Capital by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,190 shares of the utilities provider's stock worth $87,414,000 after acquiring an additional 3,102 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Pinnacle West Capital in the 4th quarter worth about $3,528,000. Finally, Aigen Investment Management LP bought a new position in shares of Pinnacle West Capital in the 4th quarter worth about $648,000. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of PNW traded down $0.36 during mid-day trading on Monday, hitting $90.06. The stock had a trading volume of 1,060,019 shares, compared to its average volume of 1,141,682. The firm has a market cap of $10.75 billion, a P/E ratio of 17.90, a PEG ratio of 9.45 and a beta of 0.42. The business has a fifty day moving average price of $90.65 and a 200-day moving average price of $90.03. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. Pinnacle West Capital Corporation has a 52 week low of $75.57 and a 52 week high of $96.50.

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

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's payout ratio is currently 71.17%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PNW shares. UBS Group lifted their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Morgan Stanley reduced their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. Barclays lifted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company lifted their target price on 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $97.00.

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.