Ameriprise Financial Inc. Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Ameriprise Financial Inc. grew its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 12.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,036 shares of the utilities provider's stock after purchasing an additional 25,166 shares during the period. Ameriprise Financial Inc. owned approximately 0.21% of Pinnacle West Capital worth $19,924,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock worth $12,336,000 after acquiring an additional 9,993 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Pinnacle West Capital by 47.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider's stock valued at $995,000 after purchasing an additional 3,758 shares during the period. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 33.3% during the fourth quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock valued at $128,000 after buying an additional 360 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Pinnacle West Capital by 14.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider's stock worth $363,000 after purchasing an additional 545 shares in the last quarter. Finally, MCF Advisors LLC raised its position in shares of Pinnacle West Capital by 200.6% in the fourth quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider's stock worth $522,000 after buying an additional 4,107 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on PNW shares. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. UBS Group raised their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Barclays lifted their price target 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. Guggenheim reiterated a "buy" rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, StockNews.com downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $95.75.

Pinnacle West Capital Trading Up 0.8%

PNW stock traded up $0.70 during midday trading on Monday, hitting $92.44. The company had a trading volume of 1,467,339 shares, compared to its average volume of 1,124,238. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52 week low of $74.45 and a 52 week high of $96.50. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 3.59 and a beta of 0.45. The stock's 50 day moving average price is $92.87 and its 200 day moving average price is $90.08.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, equities research analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 5th will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.87%. Pinnacle West Capital's dividend payout ratio is currently 71.17%.

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.