Hennion & Walsh Asset Management Inc. Boosts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Hennion & Walsh Asset Management Inc. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 12.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,772 shares of the utilities provider's stock after purchasing an additional 3,040 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Pinnacle West Capital were worth $2,550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Merit Financial Group LLC acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at about $244,000. NBC Securities Inc. lifted its stake in shares of Pinnacle West Capital by 102,078.9% in the first quarter. NBC Securities Inc. now owns 38,828 shares of the utilities provider's stock valued at $3,698,000 after purchasing an additional 38,790 shares during the period. Czech National Bank lifted its stake in shares of Pinnacle West Capital by 5.9% in the first quarter. Czech National Bank now owns 26,115 shares of the utilities provider's stock valued at $2,487,000 after purchasing an additional 1,459 shares during the period. Rhumbline Advisers lifted its stake in shares of Pinnacle West Capital by 14.0% in the first quarter. Rhumbline Advisers now owns 202,106 shares of the utilities provider's stock valued at $19,251,000 after purchasing an additional 24,800 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Pinnacle West Capital by 13,170.8% in the first quarter. GAMMA Investing LLC now owns 200,787 shares of the utilities provider's stock valued at $19,125,000 after purchasing an additional 199,274 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

PNW has been the subject of several recent analyst reports. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Morgan Stanley cut their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. UBS Group lifted their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Finally, Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Trading Down 0.4%

Shares of NYSE PNW traded down $0.34 during midday trading on Friday, reaching $89.05. 781,701 shares of the stock were exchanged, compared to its average volume of 1,118,931. The company has a market capitalization of $10.63 billion, a P/E ratio of 16.87, a P/E/G ratio of 3.59 and a beta of 0.43. Pinnacle West Capital Co. has a 52-week low of $74.45 and a 52-week high of $96.50. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average price of $92.05 and a 200-day moving average price of $90.13.

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 analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 earnings per share. Equities research analysts expect 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 was paid on Monday, June 2nd. Stockholders of record on Monday, May 5th were issued a dividend of $0.895 per share. The ex-dividend date was Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.02%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

Pinnacle West Capital Company 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.