Pinnacle West Capital Co. (NYSE:PNW - Get Free Report) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Shareholders of record on Wednesday, May 1st will be paid a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 annualized dividend and a yield of 4.89%.
Pinnacle West Capital has raised its dividend payment by an average of 3.0% annually over the last three years and has raised its dividend every year for the last 12 years. Pinnacle West Capital has a dividend payout ratio of 71.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle West Capital to earn $5.02 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 70.1%.
Pinnacle West Capital Trading Up 1.1 %
PNW traded up $0.76 during trading on Wednesday, hitting $71.97. The company's stock had a trading volume of 800,540 shares, compared to its average volume of 1,385,923. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The stock's fifty day moving average price is $70.83 and its 200-day moving average price is $72.04. The firm has a market capitalization of $8.17 billion, a P/E ratio of 16.32, a PEG ratio of 2.02 and a beta of 0.49.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the company. Royal Bank of Canada dropped their price target on Pinnacle West Capital from $83.00 to $80.00 and set a "sector perform" rating on the stock in a research note on Friday, March 1st. Mizuho reduced their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 6th. UBS Group upgraded Pinnacle West Capital from a "sell" rating to a "neutral" rating and upped their price objective for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Wells Fargo & Company reduced their price objective on Pinnacle West Capital from $78.00 to $74.00 and set an "equal weight" rating for the company in a research note on Friday, January 26th. Finally, LADENBURG THALM/SH SH assumed coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They set a "neutral" rating and a $69.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $73.00.
Read Our Latest Stock Report on Pinnacle West Capital
Institutional Trading of Pinnacle West Capital
A number of institutional investors have recently added to or reduced their stakes in PNW. Pacific Center for Financial Services purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $40,000. Retirement Group LLC raised its holdings in shares of Pinnacle West Capital by 200.0% in the 4th quarter. Retirement Group LLC now owns 600 shares of the utilities provider's stock valued at $46,000 after acquiring an additional 400 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised its holdings in shares of Pinnacle West Capital by 51.5% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider's stock valued at $55,000 after acquiring an additional 262 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Pinnacle West Capital by 235.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider's stock valued at $56,000 after acquiring an additional 504 shares in the last quarter. Finally, Harbour Investments Inc. raised its holdings in shares of Pinnacle West Capital by 57.3% in the 1st quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 274 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.
Pinnacle West Capital Company Profile
(
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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.
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