Toronto Dominion Bank Has $1.99 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

Toronto Dominion Bank lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 54.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,526 shares of the utilities provider's stock after selling 28,008 shares during the quarter. Toronto Dominion Bank's holdings in Pinnacle West Capital were worth $1,994,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sherbrooke Park Advisers LLC grew its position in Pinnacle West Capital by 37.1% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 14,447 shares of the utilities provider's stock valued at $1,225,000 after buying an additional 3,906 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Pinnacle West Capital in the 4th quarter worth $99,000. Point72 Hong Kong Ltd acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $1,701,000. ProShare Advisors LLC grew its holdings in Pinnacle West Capital by 8.6% during the fourth quarter. ProShare Advisors LLC now owns 24,202 shares of the utilities provider's stock worth $2,052,000 after acquiring an additional 1,918 shares during the period. Finally, Quantinno Capital Management LP raised its position in Pinnacle West Capital by 62.2% in the fourth quarter. Quantinno Capital Management LP now owns 32,401 shares of the utilities provider's stock worth $2,747,000 after acquiring an additional 12,422 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of PNW stock traded up $0.84 during trading hours on Tuesday, hitting $91.59. The company had a trading volume of 884,979 shares, compared to its average volume of 1,129,054. The firm has a market capitalization of $10.94 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 3.59 and a beta of 0.45. The firm's fifty day moving average is $92.65 and its 200 day moving average is $90.21. Pinnacle West Capital Co. has a 12 month low of $74.45 and a 12 month high of $96.50. 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 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 analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company's revenue 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. On average, sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be issued a $0.895 dividend. The ex-dividend date is Monday, May 5th. This represents a $3.58 annualized dividend and a yield of 3.91%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 71.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PNW shares. Jefferies Financial Group lowered their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Guggenheim reissued a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. UBS Group lifted their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital has an average rating of "Hold" and an average target price of $95.65.

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.