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

Financial Counselors Inc. trimmed its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 202,409 shares of the utilities provider's stock after selling 7,572 shares during the period. Financial Counselors Inc. owned 0.17% of Pinnacle West Capital worth $19,279,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNW. Canada Post Corp Registered Pension Plan bought a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $35,000. HM Payson & Co. grew its position in Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 196 shares in the last quarter. Spirit of America Management Corp NY purchased a new position in Pinnacle West Capital during the first quarter valued at approximately $57,000. Resona Asset Management Co. Ltd. purchased a new position in Pinnacle West Capital during the fourth quarter valued at approximately $60,000. Finally, Tsfg LLC bought a new stake in Pinnacle West Capital in the first quarter worth approximately $60,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $0.36 during mid-day trading on Monday, reaching $90.06. The company's stock had a trading volume of 1,060,019 shares, compared to its average volume of 1,141,682. Pinnacle West Capital Corporation has a 1-year low of $75.57 and a 1-year high of $96.50. The company has a market cap of $10.75 billion, a P/E ratio of 17.90, a PEG ratio of 9.45 and a beta of 0.42. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The firm's 50-day moving average is $90.74 and its two-hundred day moving average is $89.99.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (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 analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.15 EPS. On average, research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is currently 71.17%.

Analyst Ratings Changes

PNW has been the subject of several recent research reports. Morgan Stanley decreased 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 raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, Barclays upped their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $97.00.

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.