Pinnacle West Capital Co. (NYSE:PNW) Stake Lowered by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 6.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,885 shares of the utilities provider's stock after selling 2,864 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Pinnacle West Capital were worth $3,720,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PNW. GTS Securities LLC raised its stake in Pinnacle West Capital by 272.2% during the fourth quarter. GTS Securities LLC now owns 10,273 shares of the utilities provider's stock valued at $871,000 after buying an additional 7,513 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Pinnacle West Capital by 9.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 313,408 shares of the utilities provider's stock valued at $26,568,000 after acquiring an additional 25,753 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in Pinnacle West Capital by 19.5% during the fourth quarter. Voloridge Investment Management LLC now owns 968,894 shares of the utilities provider's stock worth $82,133,000 after purchasing an additional 158,266 shares during the last quarter. Woodline Partners LP bought a new position in Pinnacle West Capital during the fourth quarter worth $579,000. Finally, Vident Advisory LLC acquired a new position in Pinnacle West Capital in the fourth quarter worth $206,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNW has been the topic of a number of research reports. Barclays increased their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 1st. UBS Group raised their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Guggenheim restated a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Wells Fargo & Company lifted their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $95.65.

Pinnacle West Capital Trading Down 0.4%

Shares of PNW traded down $0.37 during midday trading on Tuesday, hitting $90.47. The stock had a trading volume of 1,056,703 shares, compared to its average volume of 1,126,595. The business has a 50-day simple moving average of $92.38 and a two-hundred day simple moving average of $90.20. The firm has a market cap of $10.80 billion, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45. 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 Co. has a fifty-two week low of $74.45 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same period in the prior year, the business posted $0.15 EPS. The company's revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 5th were given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.96%. The ex-dividend date was Monday, May 5th. Pinnacle West Capital's 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.