Nuveen Asset Management LLC Buys 245,003 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Nuveen Asset Management LLC lifted its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 27.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,146,185 shares of the utilities provider's stock after purchasing an additional 245,003 shares during the quarter. Nuveen Asset Management LLC owned about 1.01% of Pinnacle West Capital worth $97,162,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. YANKCOM Partnership purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth $29,000. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $35,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $38,000. Transcendent Capital Group LLC bought a new stake in Pinnacle West Capital during the 4th quarter valued at about $46,000. Finally, Allworth Financial LP raised its holdings in Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider's stock worth $56,000 after buying an additional 365 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.01 during mid-day trading on Tuesday, reaching $92.49. 732,532 shares of the stock traded hands, compared to its average volume of 1,122,682. Pinnacle West Capital Co. has a 12-month low of $74.45 and a 12-month high of $96.50. The business's 50-day moving average is $92.91 and its 200-day moving average is $90.15. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a market capitalization of $11.04 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 3.59 and a beta of 0.45.

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

Pinnacle West Capital Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group upped their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, BMO Capital Markets initiated coverage on Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 price target for the company. One research 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. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and an average target price of $95.75.

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.