Perpetual Ltd Sells 3,889 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Perpetual Ltd trimmed its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 398,455 shares of the utilities provider's stock after selling 3,889 shares during the period. Perpetual Ltd owned approximately 0.33% of Pinnacle West Capital worth $37,953,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Canada Post Corp Registered Pension Plan acquired a new position in Pinnacle West Capital in the fourth quarter worth about $35,000. Spirit of America Management Corp NY bought a new stake in shares of Pinnacle West Capital in the 1st quarter valued at approximately $57,000. Resona Asset Management Co. Ltd. acquired a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $60,000. TD Waterhouse Canada Inc. raised its holdings in shares of Pinnacle West Capital by 125.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider's stock worth $71,000 after buying an additional 468 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Pinnacle West Capital by 971.8% during the 1st quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock worth $80,000 after buying an additional 758 shares during the period. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of analyst reports. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Barclays lifted their price target 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. UBS Group boosted their price target 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. Finally, BMO Capital Markets started coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $0.44 during trading hours on Friday, reaching $88.53. 1,879,071 shares of the company were exchanged, compared to its average volume of 1,136,198. Pinnacle West Capital Corporation has a fifty-two week low of $75.10 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. The stock's fifty day moving average is $91.26 and its two-hundred day moving average is $89.83. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 17.60, a P/E/G ratio of 9.27 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $1.03 billion during 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 business's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS. Sell-side analysts forecast that Pinnacle West Capital Corporation 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 Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio 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.