Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 54.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,526 shares of the utilities provider's stock after selling 28,008 shares during the quarter. Toronto Dominion Bank's holdings in Pinnacle West Capital were worth $1,994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at about $194,655,000. Invesco Ltd. increased its stake in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after acquiring an additional 1,045,788 shares during the last quarter. Merewether Investment Management LP purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP boosted its position in shares of Pinnacle West Capital by 462.8% during the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after acquiring an additional 750,700 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Pinnacle West Capital by 33.4% in the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after purchasing an additional 610,042 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNW. 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 report on Thursday, May 22nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. UBS Group lifted their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a report on Friday, March 21st. BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price on the stock. Finally, Guggenheim reaffirmed a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and an average target price of $95.65.

Pinnacle West Capital Stock Down 0.9%

PNW stock traded down $0.83 on Wednesday, hitting $89.57. 1,089,228 shares of the company's stock were exchanged, compared to its average volume of 1,119,976. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The firm has a 50 day moving average price of $92.29 and a two-hundred day moving average price of $90.19. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market cap of $10.69 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same period in the prior year, the firm posted $0.15 EPS. The business's revenue was up 8.5% compared to the same quarter last year. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 5th were issued a $0.895 dividend. The ex-dividend date was Monday, May 5th. This represents a $3.58 annualized dividend and a dividend yield of 4.00%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 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.