Nomura Holdings Inc. Makes New $317,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

Nomura Holdings Inc. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,745 shares of the utilities provider's stock, valued at approximately $317,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $194,655,000. Invesco Ltd. raised its holdings in shares of Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after acquiring an additional 1,045,788 shares during the period. Merewether Investment Management LP purchased a new position in Pinnacle West Capital during the fourth quarter worth about $69,233,000. Deutsche Bank AG raised its position in shares of Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after buying an additional 610,042 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Pinnacle West Capital by 173.1% in the fourth quarter. First Trust Advisors LP now owns 879,551 shares of the utilities provider's stock valued at $74,560,000 after acquiring an additional 557,539 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Down 1.1%

Pinnacle West Capital stock traded down $0.99 during midday trading on Wednesday, hitting $90.58. 89,463 shares of the stock were exchanged, compared to its average volume of 1,155,248. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a 50 day moving average price of $92.60 and a two-hundred day moving average price of $90.22. The firm has a market cap of $10.81 billion, a P/E ratio of 17.17, a P/E/G ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a 1 year low of $74.45 and a 1 year 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) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. During the same period in the previous year, the business posted $0.15 EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company 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. This represents a $3.58 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend payout ratio is currently 71.17%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. UBS Group upped 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 report on Friday, March 21st. Jefferies Financial Group cut their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley dropped their price objective on 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. Finally, Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. One equities 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's stock. According to MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and an average 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.