Royal Bank of Canada Has $13.70 Million Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Royal Bank of Canada reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 161,605 shares of the utilities provider's stock after selling 23,794 shares during the quarter. Royal Bank of Canada owned 0.14% of Pinnacle West Capital worth $13,700,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. YANKCOM Partnership purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $29,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $35,000. Brown Lisle Cummings Inc. purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth approximately $38,000. Transcendent Capital Group LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth approximately $46,000. Finally, Allworth Financial LP grew 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 valued at $56,000 after purchasing an additional 365 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley dropped their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. UBS Group lifted 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 note on Friday, March 21st. Wells Fargo & Company increased 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. BMO Capital Markets initiated coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price on the stock. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $95.65.

Pinnacle West Capital Stock Performance

NYSE:PNW traded up $0.45 on Friday, hitting $91.29. The company's stock had a trading volume of 496,684 shares, compared to its average volume of 1,127,854. Pinnacle West Capital Co. has a one year low of $74.45 and a one year high of $96.50. The firm has a market capitalization of $10.90 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. The stock has a fifty day moving average of $92.48 and a two-hundred day moving average of $90.21. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced 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). Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same period in the prior year, the business earned $0.15 EPS. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. Research 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 disclosed 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. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.92%. Pinnacle West Capital's dividend payout ratio is 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.