Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 31.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,962 shares of the utilities provider's stock after purchasing an additional 7,488 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Pinnacle West Capital were worth $2,625,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at $35,000. Brown Lisle Cummings Inc. acquired a new stake in Pinnacle West Capital in the 4th quarter worth approximately $38,000. Transcendent Capital Group LLC bought a new stake in Pinnacle West Capital during the fourth quarter valued at about $46,000. Finally, Allworth Financial LP increased its position in Pinnacle West Capital by 125.9% during the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after acquiring an additional 365 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PNW shares. Jefferies Financial Group reduced their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, January 28th. Guggenheim restated a "buy" rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets assumed 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. Finally, UBS Group increased 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 note on Friday, March 21st. One 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 data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $95.75.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $92.49 on Wednesday. The firm's 50-day simple moving average is $92.91 and its 200 day simple moving average is $90.15. Pinnacle West Capital Co. has a 52 week low of $74.45 and a 52 week high of $96.50. The firm has a market cap of $11.04 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 3.59 and a beta of 0.45. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 EPS. As a group, sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.