Pinnacle West Capital Corporation (NYSE:PNW) Position Boosted by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,082 shares of the utilities provider's stock after purchasing an additional 5,307 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Pinnacle West Capital were worth $3,342,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank acquired a new stake in Pinnacle West Capital in the fourth quarter worth about $194,655,000. Invesco Ltd. lifted its stake in shares of 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 period. Merewether Investment Management LP bought a new position in shares of Pinnacle West Capital in the fourth quarter valued at approximately $69,233,000. Two Sigma Advisers LP boosted its holdings in shares of Pinnacle West Capital by 462.8% in the fourth 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 in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after acquiring an additional 610,042 shares during the period. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

PNW has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Barclays upped their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. Wells Fargo & Company raised their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, UBS Group raised their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Trading Down 0.5%

NYSE PNW traded down $0.44 on Friday, hitting $88.53. 1,842,671 shares of the company were exchanged, compared to its average volume of 1,136,198. 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 Corporation has a twelve month low of $75.10 and a twelve month high of $96.50. The firm has a market capitalization of $10.57 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 9.27 and a beta of 0.43. The company's 50 day moving average price is $91.26 and its 200-day moving average price is $89.83.

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 for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $988.95 million. During the same period last year, the business earned $0.15 earnings per share. The business's revenue was up 8.5% on a year-over-year basis. Analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.04%. Pinnacle West Capital's payout ratio is currently 71.17%.

About Pinnacle West Capital

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.