Pinnacle West Capital Corporation (NYSE:PNW) Announces Quarterly Dividend of $0.90

Pinnacle West Capital Corporation (NYSE:PNW - Get Free Report) announced a quarterly dividend on Wednesday, June 18th, RTT News reports. Investors of record on Friday, August 1st will be paid a dividend of 0.895 per share by the utilities provider on Tuesday, September 2nd. This represents a $3.58 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Friday, August 1st.

Pinnacle West Capital has a dividend payout ratio of 70.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle West Capital to earn $4.53 per share next year, which means the company should continue to be able to cover its $3.58 annual dividend with an expected future payout ratio of 79.0%.

Pinnacle West Capital Stock Up 0.1%

Shares of NYSE PNW traded up $0.10 during trading hours on Friday, hitting $88.61. The stock had a trading volume of 3,210,960 shares, compared to its average volume of 1,130,056. The firm's 50-day moving average price is $91.62 and its two-hundred day moving average price is $89.88. Pinnacle West Capital has a 52 week low of $74.45 and a 52 week high of $96.50. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The company has a market capitalization of $10.58 billion, a P/E ratio of 17.62, a P/E/G ratio of 9.26 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. During the same quarter last year, the firm posted $0.15 earnings per share. The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PNW shares. UBS Group boosted their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. BMO Capital Markets began coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target for the company. Finally, Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $97.00.

Institutional Trading of Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Goldman Sachs Group Inc. increased its position in shares of Pinnacle West Capital by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider's stock valued at $42,010,000 after purchasing an additional 41,173 shares during the period. Intech Investment Management LLC bought a new stake in shares of Pinnacle West Capital during the first quarter valued at approximately $1,165,000. NewEdge Advisors LLC increased its position in shares of Pinnacle West Capital by 999.1% during the first quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider's stock valued at $782,000 after purchasing an additional 7,463 shares during the period. Brighton Jones LLC bought a new stake in Pinnacle West Capital in the fourth quarter valued at $417,000. Finally, Woodline Partners LP grew its position in Pinnacle West Capital by 40.7% in the first quarter. Woodline Partners LP now owns 9,606 shares of the utilities provider's stock valued at $915,000 after acquiring an additional 2,778 shares during the period. 91.51% of the stock is currently owned by institutional investors.

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.