Raymond James Financial Inc. Makes New $4.89 Million Investment in Pinnacle West Capital Co. (NYSE:PNW)

Raymond James Financial Inc. acquired a new position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 57,713 shares of the utilities provider's stock, valued at approximately $4,892,000. Raymond James Financial Inc. owned about 0.05% of Pinnacle West Capital as of its most recent SEC filing.

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

Pinnacle West Capital Price Performance

PNW traded down $0.91 on Thursday, hitting $94.27. 314,858 shares of the company's stock were exchanged, compared to its average volume of 1,096,460. Pinnacle West Capital Co. has a fifty-two week low of $73.14 and a fifty-two week high of $97.17. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 17.87, a P/E/G ratio of 3.59 and a beta of 0.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a 50-day moving average price of $92.88 and a 200-day moving average price of $89.72.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.03). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 5th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Monday, May 5th. Pinnacle West Capital's dividend payout ratio is currently 68.58%.

Analysts Set New Price Targets

PNW has been the topic of several analyst reports. Barclays raised their price target on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. UBS Group upped their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Jefferies Financial Group dropped their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, January 28th. Finally, Guggenheim reaffirmed a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $95.50.

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.