Sumitomo Mitsui DS Asset Management Company Ltd Reduces Position in Pinnacle West Capital Corporation (NYSE:PNW)

Sumitomo Mitsui DS Asset Management Company Ltd cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 83.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,774 shares of the utilities provider's stock after selling 13,638 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Pinnacle West Capital were worth $264,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at $35,000. Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital during the first quarter valued at $57,000. Tsfg LLC purchased a new position in Pinnacle West Capital in the first quarter worth about $60,000. Resona Asset Management Co. Ltd. purchased a new position in Pinnacle West Capital in the fourth quarter worth about $60,000. Finally, Versant Capital Management Inc boosted its position in Pinnacle West Capital by 971.8% in the first quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock worth $80,000 after purchasing an additional 758 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on PNW shares. UBS Group raised their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Morgan Stanley dropped their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. Barclays raised their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Stock Up 0.3%

PNW stock opened at $90.42 on Friday. Pinnacle West Capital Corporation has a twelve month low of $75.57 and a twelve month high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The stock has a market cap of $10.80 billion, a P/E ratio of 17.98, a PEG ratio of 9.45 and a beta of 0.42. The business's 50-day moving average price is $90.74 and its 200-day moving average price is $89.95.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The firm's quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS 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. Investors of record on Friday, August 1st will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.96%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) 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.

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