Teacher Retirement System of Texas Raises Position in Pinnacle West Capital Corporation (NYSE:PNW)

Teacher Retirement System of Texas grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 20.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,824 shares of the utilities provider's stock after acquiring an additional 5,849 shares during the quarter. Teacher Retirement System of Texas' holdings in Pinnacle West Capital were worth $3,222,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PNW. Brighton Jones LLC bought a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $417,000. Jones Financial Companies Lllp raised its position in shares of Pinnacle West Capital by 76.5% during the 4th quarter. Jones Financial Companies Lllp now owns 1,075 shares of the utilities provider's stock valued at $91,000 after buying an additional 466 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle West Capital by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,031,190 shares of the utilities provider's stock worth $87,414,000 after acquiring an additional 3,102 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Pinnacle West Capital in the fourth quarter worth $3,528,000. Finally, Raymond James Financial Inc. bought a new position in Pinnacle West Capital in the fourth quarter valued at $4,892,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.4%

Pinnacle West Capital stock traded down $0.33 during trading hours on Friday, reaching $91.01. The stock had a trading volume of 731,717 shares, compared to its average volume of 1,138,820. The company has a fifty day simple moving average of $90.33 and a 200-day simple moving average of $90.13. Pinnacle West Capital Corporation has a 52 week low of $79.33 and a 52 week high of $96.50. The stock has a market cap of $10.87 billion, a PE ratio of 18.09, a PEG ratio of 9.48 and a beta of 0.42. 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 (NYSE:PNW - Get Free Report) last announced its quarterly 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). 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 for the quarter, compared to analysts' expectations of $988.95 million. During the same quarter in the prior year, the firm earned $0.15 EPS. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. Analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley dropped their target price on 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. Wells Fargo & Company increased their price target on shares of 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. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price objective for the company. Finally, Barclays upped their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. One 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 stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus 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.