Hsbc Holdings PLC Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

Hsbc Holdings PLC increased its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 31.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 556,894 shares of the utilities provider's stock after buying an additional 133,852 shares during the quarter. Hsbc Holdings PLC owned about 0.49% of Pinnacle West Capital worth $47,160,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital in the 4th quarter worth about $29,000. Canada Post Corp Registered Pension Plan bought a new stake in Pinnacle West Capital in the fourth quarter worth about $35,000. Brown Lisle Cummings Inc. purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $38,000. Roble Belko & Company Inc bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $42,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Down 0.8 %

Shares of NYSE PNW traded down $0.79 during midday trading on Wednesday, reaching $94.50. 153,742 shares of the company's stock traded hands, compared to its average volume of 1,095,517. The company has a market cap of $11.27 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a one year low of $72.78 and a one year high of $96.50. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock's 50 day simple moving average is $92.81 and its 200-day simple moving average is $89.68.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. On average, analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital's dividend payout ratio is currently 68.58%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PNW shares. Barclays boosted 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. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Guggenheim reaffirmed a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $95.50.

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.