Moran Wealth Management LLC Sells 11,032 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Moran Wealth Management LLC reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,541 shares of the utilities provider's stock after selling 11,032 shares during the period. Moran Wealth Management LLC owned approximately 0.12% of Pinnacle West Capital worth $10,168,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. abrdn plc raised its stake in Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider's stock worth $4,191,000 after purchasing an additional 31,821 shares during the period. Comerica Bank purchased a new position in Pinnacle West Capital during the third quarter worth about $4,620,000. Duality Advisers LP acquired a new stake in shares of Pinnacle West Capital during the fourth quarter valued at about $1,422,000. Pacer Advisors Inc. increased its position in shares of Pinnacle West Capital by 604.2% during the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider's stock valued at $3,637,000 after acquiring an additional 43,441 shares during the last quarter. Finally, Financial Counselors Inc. increased its position in shares of Pinnacle West Capital by 37.5% during the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider's stock valued at $12,397,000 after acquiring an additional 47,035 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

PNW traded up $0.54 during trading on Wednesday, hitting $77.54. The stock had a trading volume of 919,578 shares, compared to its average volume of 1,271,749. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The firm has a market capitalization of $8.81 billion, a P/E ratio of 16.78, a PEG ratio of 2.14 and a beta of 0.48. The company's 50-day moving average price is $73.58 and its 200 day moving average price is $72.20. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The company had revenue of $951.71 million for the quarter, compared to analysts' expectations of $981.82 million. During the same period in the previous year, the company posted ($0.03) EPS. Pinnacle West Capital's revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle West Capital Co. will post 4.76 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.54%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 76.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PNW shares. Barclays lifted their price target on shares of Pinnacle West Capital from $76.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday. Royal Bank of Canada dropped their price target on shares of Pinnacle West Capital from $83.00 to $80.00 and set a "sector perform" rating for the company in a research report on Friday, March 1st. StockNews.com downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Thursday, March 14th. Mizuho reduced their price objective on shares of 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 reduced their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an "in-line" rating for the company in a research report 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. According to MarketBeat, Pinnacle West Capital has an average rating of "Hold" and an average price target of $74.08.

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.