Pinnacle West Capital Corporation (NYSE:PNW) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 20.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,824 shares of the utilities provider's stock after acquiring an additional 5,849 shares during the period. Teacher Retirement System of Texas' holdings in Pinnacle West Capital were worth $3,222,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PNW. Norinchukin Bank The grew its holdings in Pinnacle West Capital by 2.7% during the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider's stock valued at $373,000 after buying an additional 117 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in 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 valued at $926,000 after buying an additional 125 shares in the last quarter. Probity Advisors Inc. grew its holdings in Pinnacle West Capital by 2.7% during the 4th quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider's stock valued at $513,000 after buying an additional 159 shares in the last quarter. 1620 Investment Advisors Inc. grew its holdings in 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 valued at $397,000 after buying an additional 162 shares in the last quarter. Finally, Mather Group LLC. grew its holdings in Pinnacle West Capital by 7.6% during the 1st quarter. Mather Group LLC. now owns 2,496 shares of the utilities provider's stock valued at $238,000 after buying an additional 177 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $0.33 during trading hours on Friday, hitting $91.01. 731,717 shares of the company's stock were exchanged, compared to its average volume of 1,138,093. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a fifty-two week low of $79.33 and a fifty-two week high of $96.50. The firm has a market cap of $10.87 billion, a P/E ratio of 18.09, a P/E/G ratio of 9.51 and a beta of 0.42. The firm has a 50 day moving average of $90.33 and a two-hundred day moving average of $90.10.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced 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 analyst estimates of $988.95 million. During the same period last year, the company earned $0.15 EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is currently 71.17%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of 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. BMO Capital Markets initiated coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price for the company. UBS Group increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "neutral" rating in a research report on Friday. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and a consensus price target of $96.89.

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.