Reaves W H & Co. Inc. Purchases 118,796 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Reaves W H & Co. Inc. has increased its stake in Pinnacle West Capital Corporation by 8.5%, owning 1,509,511 shares, which constitutes 3.7% of their investment portfolio.
• Pinnacle West Capital announced a quarterly dividend of $0.895 payable on September 2nd, with a current dividend yield of 3.9%.
• Analysts have a consensus rating of "Hold" for Pinnacle West Capital, with an average price target of $96.78.

Reaves W H & Co. Inc. boosted its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 8.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,509,511 shares of the utilities provider's stock after purchasing an additional 118,796 shares during the period. Pinnacle West Capital makes up approximately 3.7% of Reaves W H & Co. Inc.'s holdings, making the stock its 11th largest position. Reaves W H & Co. Inc. owned about 1.27% of Pinnacle West Capital worth $143,781,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $417,000. Alliancebernstein L.P. grew its position in shares of Pinnacle West Capital by 8.1% during the 4th quarter. Alliancebernstein L.P. now owns 154,943 shares of the utilities provider's stock valued at $13,135,000 after acquiring an additional 11,635 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $60,000. Russell Investments Group Ltd. grew its position in shares of Pinnacle West Capital by 19.2% during the 4th quarter. Russell Investments Group Ltd. now owns 534,932 shares of the utilities provider's stock valued at $45,355,000 after acquiring an additional 86,055 shares during the period. Finally, Federated Hermes Inc. grew its position in shares of Pinnacle West Capital by 85.1% during the 4th quarter. Federated Hermes Inc. now owns 322,039 shares of the utilities provider's stock valued at $27,299,000 after acquiring an additional 148,019 shares during the period. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

PNW stock traded down $1.11 during mid-day trading on Friday, hitting $92.67. The company had a trading volume of 1,014,063 shares, compared to its average volume of 1,206,722. The company has a market capitalization of $11.07 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 9.77 and a beta of 0.38. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average price of $90.47 and a 200 day moving average price of $91.08.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.76 EPS. On average, research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. KeyCorp cut their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. UBS Group restated 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. BMO Capital Markets lifted their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday. Finally, 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. One 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $97.11.

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.