8,784 Shares in Pinnacle West Capital Corporation (NYSE:PNW) Bought by WESPAC Advisors LLC

WESPAC Advisors LLC purchased a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,784 shares of the utilities provider's stock, valued at approximately $837,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PNW. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Pinnacle West Capital by 26.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after acquiring an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after buying an additional 366 shares during the last quarter. Amalgamated Bank grew its stake in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after buying an additional 372 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Pinnacle West Capital by 39.3% in the first quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider's stock worth $201,000 after purchasing an additional 595 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded down $0.33 during trading on Friday, hitting $91.01. The company had a trading volume of 731,717 shares, compared to its average volume of 1,138,093. The stock has a fifty day simple moving average of $90.33 and a two-hundred day simple moving average of $90.10. 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 capitalization of $10.87 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 9.51 and a beta of 0.42. 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 (NYSE:PNW - Get Free Report) last released 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 company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. During the same period last year, the firm posted $0.15 earnings per share. Pinnacle West Capital's revenue was up 8.5% on a year-over-year basis. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed 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 dividend yield of 3.93%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

Wall Street Analyst Weigh In

Several analysts have commented on PNW shares. UBS Group raised their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "neutral" rating in a report on Friday. Barclays upped their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Morgan Stanley dropped 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. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, BMO Capital Markets initiated 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $96.89.

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.