Victory Capital Management Inc. Boosts Stock Position in Pinnacle West Capital Corporation (NYSE:PNW)

Victory Capital Management Inc. increased its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 14.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 446,170 shares of the utilities provider's stock after purchasing an additional 56,270 shares during the quarter. Victory Capital Management Inc. owned 0.37% of Pinnacle West Capital worth $42,498,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PNW. Vanguard Group Inc. grew its position in shares of Pinnacle West Capital by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider's stock valued at $1,202,116,000 after purchasing an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Pinnacle West Capital by 0.6% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider's stock valued at $581,945,000 after purchasing an additional 37,768 shares in the last quarter. Invesco Ltd. grew its position in shares of Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after purchasing an additional 1,045,788 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Pinnacle West Capital by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock valued at $243,897,000 after purchasing an additional 204,805 shares in the last quarter. Finally, Deutsche Bank AG grew its position 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. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNW has been the subject of a number of analyst reports. Morgan Stanley dropped their price target 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. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Finally, BMO Capital Markets started coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $96.78.

Pinnacle West Capital Trading Down 1.4%

NYSE:PNW traded down $1.36 during trading hours on Wednesday, reaching $93.09. 1,762,679 shares of the stock were exchanged, compared to its average volume of 1,144,071. 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 business has a 50-day moving average of $90.41 and a two-hundred day moving average of $90.50. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50. The company has a market capitalization of $11.11 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 9.83 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released 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 8.78% and a net margin of 11.28%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter last year, the company earned $0.15 earnings per share. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's payout ratio is currently 71.17%.

Pinnacle West Capital Company 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.