Financial Counselors Inc. Sells 7,572 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Financial Counselors Inc. lessened its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 202,409 shares of the utilities provider's stock after selling 7,572 shares during the quarter. Financial Counselors Inc. owned approximately 0.17% of Pinnacle West Capital worth $19,279,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after purchasing an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Pinnacle West Capital by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after purchasing an additional 1,411 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Pinnacle West Capital by 8.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after purchasing an additional 366 shares during the last quarter. Amalgamated Bank raised its position in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after acquiring an additional 372 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Pinnacle West Capital by 39.3% during the first quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider's stock worth $201,000 after acquiring an additional 595 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNW. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. BMO Capital Markets initiated coverage on 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. Morgan Stanley reduced their price objective on 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 raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. One equities research 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 data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded up $1.37 during mid-day trading on Thursday, reaching $91.33. 1,085,756 shares of the company were exchanged, compared to its average volume of 1,139,385. The company has a fifty day simple moving average of $90.44 and a 200-day simple moving average of $90.02. Pinnacle West Capital Corporation has a 12 month low of $77.10 and a 12 month high of $96.50. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. The firm has a market cap of $10.90 billion, a PE ratio of 18.16, a PEG ratio of 9.37 and a beta of 0.42.

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 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. During the same quarter last year, the business earned $0.15 EPS. Pinnacle West Capital's revenue was up 8.5% on a year-over-year basis. As a group, equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is 71.17%.

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.