Summit Global Investments Boosts Position in Pinnacle West Capital Co. (NYSE:PNW)

Summit Global Investments lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 188.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 19,222 shares of the utilities provider's stock after purchasing an additional 12,550 shares during the period. Summit Global Investments' holdings in Pinnacle West Capital were worth $1,381,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its holdings in Pinnacle West Capital by 1.0% in the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider's stock valued at $84,990,000 after buying an additional 11,591 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Pinnacle West Capital by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider's stock valued at $70,968,000 after purchasing an additional 9,696 shares in the last quarter. Empower Advisory Group LLC lifted its holdings in shares of Pinnacle West Capital by 1.5% in the 3rd quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider's stock worth $65,346,000 after purchasing an additional 12,850 shares during the last quarter. California Public Employees Retirement System boosted its position in Pinnacle West Capital by 1.1% during the 4th quarter. California Public Employees Retirement System now owns 649,736 shares of the utilities provider's stock worth $46,677,000 after acquiring an additional 7,341 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Pinnacle West Capital by 1.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 595,799 shares of the utilities provider's stock worth $43,898,000 after purchasing an additional 8,436 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of PNW stock traded up $0.75 during trading hours on Friday, hitting $75.79. 1,042,561 shares of the company's stock were exchanged, compared to its average volume of 966,016. 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 firm has a 50 day moving average of $72.41 and a two-hundred day moving average of $72.10. The firm has a market cap of $8.61 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.10 and a beta of 0.48. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The company had revenue of $951.71 million during the quarter, compared to analysts' expectations of $981.82 million. During the same period last year, the business posted ($0.03) EPS. Pinnacle West Capital's revenue for the quarter was up .7% on a year-over-year basis. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.72 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.64%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 76.69%.

Analyst Ratings Changes

Several research firms recently issued reports on PNW. Bank of America raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Citigroup initiated coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They issued a "neutral" rating and a $78.00 price target on the stock. Guggenheim upgraded shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and set a $78.00 price target on the stock in a research note on Monday, January 22nd. Mizuho dropped their target price on Pinnacle West Capital from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 6th. Finally, Evercore ISI dropped their price target on Pinnacle West Capital from $76.00 to $69.00 and set an "in-line" rating on the stock in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Hold" and an average target price of $73.67.

Pinnacle West Capital 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.