Rhumbline Advisers Has $19.25 Million Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Rhumbline Advisers lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 14.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 202,106 shares of the utilities provider's stock after purchasing an additional 24,800 shares during the period. Rhumbline Advisers owned 0.17% of Pinnacle West Capital worth $19,251,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth approximately $417,000. Yousif Capital Management LLC increased its holdings in shares of Pinnacle West Capital by 54.2% during the 4th quarter. Yousif Capital Management LLC now owns 24,212 shares of the utilities provider's stock worth $2,052,000 after acquiring an additional 8,507 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock valued at $995,000 after acquiring an additional 3,758 shares during the period. YANKCOM Partnership bought a new stake in Pinnacle West Capital in the 4th quarter valued at $29,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Pinnacle West Capital by 14.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider's stock valued at $363,000 after purchasing an additional 545 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on PNW. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group increased their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. 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 report on Friday, May 2nd. Barclays upped their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Finally, Morgan Stanley dropped their price target on 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. One equities research 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, the stock has a consensus rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.19 during trading hours on Tuesday, reaching $89.60. 1,145,578 shares of the company were exchanged, compared to its average volume of 1,122,400. The business has a 50 day moving average of $91.82 and a 200 day moving average of $90.10. Pinnacle West Capital Co. has a 1-year low of $74.45 and a 1-year high of $96.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a market capitalization of $10.70 billion, a P/E ratio of 16.97, a P/E/G ratio of 3.59 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. During the same quarter in the previous year, the business posted $0.15 EPS. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 5th were given a dividend of $0.895 per share. The ex-dividend date was Monday, May 5th. This represents a $3.58 annualized dividend and a dividend yield of 4.00%. Pinnacle West Capital's dividend payout ratio is 71.17%.

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.