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

Sumitomo Mitsui DS Asset Management Company Ltd reduced its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 83.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,774 shares of the utilities provider's stock after selling 13,638 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Pinnacle West Capital were worth $264,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Mesirow Financial Investment Management Inc. increased its stake in Pinnacle West Capital by 0.9% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider's stock valued at $1,163,000 after buying an additional 116 shares during the period. Norinchukin Bank The grew its stake in shares of Pinnacle West Capital by 2.7% during the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider's stock worth $373,000 after purchasing an additional 117 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after purchasing an additional 125 shares during the period. Probity Advisors Inc. grew its stake in shares of Pinnacle West Capital by 2.7% during the 4th quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider's stock worth $513,000 after purchasing an additional 159 shares during the period. Finally, 1620 Investment Advisors Inc. grew its stake in shares of Pinnacle West Capital by 3.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider's stock worth $397,000 after purchasing an additional 162 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNW has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Barclays upped their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. UBS Group upped their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Finally, Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research note 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $97.00.

Pinnacle West Capital Price Performance

NYSE PNW traded up $0.38 during trading hours on Wednesday, reaching $90.00. The company's stock had a trading volume of 623,039 shares, compared to its average volume of 1,139,599. The stock has a market cap of $10.75 billion, a PE ratio of 17.89, a PEG ratio of 9.37 and a beta of 0.42. Pinnacle West Capital Corporation has a fifty-two week low of $77.10 and a fifty-two week high of $96.50. The company's 50-day moving average is $90.44 and its two-hundred day moving average is $90.02. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion during 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%. Pinnacle West Capital's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the company posted $0.15 earnings per share. Analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 3.98%. Pinnacle West Capital's dividend payout ratio (DPR) 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.