R Squared Ltd Purchases 2,920 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• R Squared Ltd increased its holdings in Pinnacle West Capital by 60.5% in the first quarter, acquiring 2,920 shares, bringing total shares owned to 7,750.
• Pinnacle West Capital's stock is currently trading at $90.72, with a market capitalization of $10.83 billion and a P/E ratio of 18.04.
• The company reported a quarterly earnings miss with an EPS of ($0.04), whereas analysts had expected $0.05; however, revenue increased 8.5% year-over-year to $1.03 billion.

R Squared Ltd boosted its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 60.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,750 shares of the utilities provider's stock after purchasing an additional 2,920 shares during the quarter. Pinnacle West Capital comprises about 0.8% of R Squared Ltd's portfolio, making the stock its 20th biggest holding. R Squared Ltd's holdings in Pinnacle West Capital were worth $738,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PNW. Canada Post Corp Registered Pension Plan acquired a new position in Pinnacle West Capital in the 4th quarter valued at $35,000. HM Payson & Co. raised its holdings in shares of Pinnacle West Capital by 49.7% during the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after buying an additional 196 shares in the last quarter. Spirit of America Management Corp NY acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth $57,000. Mowery & Schoenfeld Wealth Management LLC raised its holdings in shares of Pinnacle West Capital by 3,500.0% during the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 612 shares of the utilities provider's stock worth $58,000 after buying an additional 595 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth $60,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BMO Capital Markets started coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. UBS Group reiterated a "neutral" rating and issued a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Finally, Wells Fargo & Company raised 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 report on Friday, May 2nd. One investment 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. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $96.78.

Pinnacle West Capital Trading Up 0.1%

Shares of Pinnacle West Capital stock traded up $0.13 on Tuesday, hitting $92.37. 1,479,354 shares of the company's stock traded hands, compared to its average volume of 1,174,275. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year 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 company has a fifty day moving average of $90.31 and a two-hundred day moving average of $90.98. The company has a market capitalization of $11.03 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 9.45 and a beta of 0.38.

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 issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.9%. 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.