Pinnacle West Capital Corporation (NYSE:PNW) Shares Sold by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ lessened its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 27.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,132 shares of the utilities provider's stock after selling 3,754 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Pinnacle West Capital were worth $965,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PNW. Brighton Jones LLC acquired a new position in Pinnacle West Capital during the 4th quarter valued at approximately $417,000. American Century Companies Inc. increased its stake in shares of Pinnacle West Capital by 2.1% in the fourth quarter. American Century Companies Inc. now owns 129,333 shares of the utilities provider's stock worth $10,964,000 after acquiring an additional 2,665 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Pinnacle West Capital by 29.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 107,225 shares of the utilities provider's stock worth $9,034,000 after buying an additional 24,099 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Pinnacle West Capital by 1.7% during the fourth quarter. California Public Employees Retirement System now owns 556,241 shares of the utilities provider's stock worth $47,153,000 after buying an additional 9,438 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Pinnacle West Capital by 8.1% during the fourth quarter. Alliancebernstein L.P. now owns 154,943 shares of the utilities provider's stock worth $13,135,000 after buying an additional 11,635 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.1%

Shares of NYSE:PNW traded up $0.10 during trading on Friday, hitting $90.72. 1,188,539 shares of the company were exchanged, compared to its average volume of 1,050,619. The stock has a market capitalization of $10.83 billion, a P/E ratio of 18.04, a PEG ratio of 9.44 and a beta of 0.38. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The firm's 50 day moving average price is $90.28 and its 200-day moving average price is $90.81.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. During the same quarter last year, the company earned $0.15 EPS. The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's payout ratio is currently 71.17%.

Analysts Set New Price Targets

PNW has been the topic of several recent analyst reports. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price on the stock. UBS Group reaffirmed a "neutral" rating and set a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. Finally, Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $96.78.

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.