Larson Financial Group LLC Sells 4,224 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Larson Financial Group LLC trimmed its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 77.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,250 shares of the utilities provider's stock after selling 4,224 shares during the period. Larson Financial Group LLC's holdings in Pinnacle West Capital were worth $119,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC grew its position in shares of Pinnacle West Capital by 26.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after buying an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in shares of Pinnacle West Capital by 26.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after buying an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of 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 buying an additional 366 shares during the last quarter. Finally, Amalgamated Bank grew its position in Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNW. 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. UBS Group reissued a "neutral" rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Morgan Stanley reduced their price objective 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. Finally, Barclays upped their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and an average price target of $96.78.

Pinnacle West Capital Trading Up 1.1%

PNW traded up $1.02 during mid-day trading on Tuesday, reaching $94.17. The stock had a trading volume of 611,102 shares, compared to its average volume of 1,135,811. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The firm's fifty day simple moving average is $90.21 and its two-hundred day simple moving average is $90.46. 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 stock has a market capitalization of $11.24 billion, a P/E ratio of 18.72, a P/E/G ratio of 9.63 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business 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 business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.15 EPS. On average, equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's 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.