Penserra Capital Management LLC Buys 9,001 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Penserra Capital Management LLC raised its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3,114.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,290 shares of the utilities provider's stock after acquiring an additional 9,001 shares during the quarter. Penserra Capital Management LLC's holdings in Pinnacle West Capital were worth $884,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PNW. Canada Post Corp Registered Pension Plan bought a new position in shares of Pinnacle West Capital in the fourth quarter worth about $35,000. HM Payson & Co. lifted its holdings in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after acquiring an additional 196 shares during the last quarter. Spirit of America Management Corp NY bought a new position in Pinnacle West Capital in the 1st quarter valued at approximately $57,000. Resona Asset Management Co. Ltd. bought a new position in Pinnacle West Capital in the 4th quarter valued at approximately $60,000. Finally, Tsfg LLC bought a new position in Pinnacle West Capital in the 1st quarter valued at approximately $60,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PNW. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Barclays raised their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. UBS Group raised their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Finally, Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $97.00.

Pinnacle West Capital Stock Up 0.4%

Pinnacle West Capital stock opened at $90.00 on Thursday. 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 52-week low of $77.10 and a 52-week high of $96.50. The firm has a 50 day moving average price of $90.44 and a two-hundred day moving average price of $90.02. The firm has a market cap of $10.75 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 9.37 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm 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 8.78% and a net margin of 11.28%. The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 EPS. Equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is 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.

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