Pinnacle West Capital Corporation (NYSE:PNW) Shares Sold by Larson Financial Group LLC

Larson Financial Group LLC decreased its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 77.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,250 shares of the utilities provider's stock after selling 4,224 shares during the quarter. Larson Financial Group LLC's holdings in Pinnacle West Capital were worth $119,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PNW. Canada Post Corp Registered Pension Plan acquired a new position in Pinnacle West Capital during the fourth quarter valued at $35,000. HM Payson & Co. lifted its holdings in shares of Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after buying an additional 196 shares during the period. Spirit of America Management Corp NY acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $57,000. Tsfg LLC acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $60,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $60,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PNW shares. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Wells Fargo & Company boosted their price objective on 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. Barclays lifted 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 research note on Tuesday, April 1st. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, UBS Group reaffirmed a "neutral" rating and set a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $96.78.

Pinnacle West Capital Price Performance

Shares of PNW traded down $1.36 during trading hours on Wednesday, reaching $93.09. 1,762,679 shares of the company traded hands, compared to its average volume of 1,144,071. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $11.11 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 9.83 and a beta of 0.42. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The stock has a fifty day simple moving average of $90.41 and a 200 day simple moving average of $90.50.

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). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The firm's revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.15 EPS. As a group, research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.85%. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

About Pinnacle West Capital

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.