Royal Bank of Canada Sells 10,522 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Royal Bank of Canada decreased its stake in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 146,349 shares of the utilities provider’s stock after selling 10,522 shares during the period. Royal Bank of Canada owned 0.13% of Pinnacle West Capital worth $9,440,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PNW. HighTower Advisors LLC raised its position in Pinnacle West Capital by 8.0% in the first quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock worth $1,718,000 after acquiring an additional 1,630 shares during the period. MetLife Investment Management LLC raised its position in Pinnacle West Capital by 23.1% in the first quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock worth $2,397,000 after acquiring an additional 5,768 shares during the period. Great West Life Assurance Co. Can raised its position in Pinnacle West Capital by 5.6% in the first quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock worth $2,599,000 after acquiring an additional 1,681 shares during the period. Dimensional Fund Advisors LP raised its position in Pinnacle West Capital by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 494,515 shares of the utilities provider’s stock worth $38,620,000 after acquiring an additional 31,526 shares during the period. Finally, Sei Investments Co. raised its position in Pinnacle West Capital by 7.8% in the first quarter. Sei Investments Co. now owns 135,551 shares of the utilities provider’s stock worth $10,571,000 after acquiring an additional 9,777 shares during the period. Institutional investors own 85.21% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $75.66 on Friday. The company has a 50 day moving average of $74.86 and a 200 day moving average of $73.20. The stock has a market cap of $8.56 billion, a P/E ratio of 17.72 and a beta of 0.44. Pinnacle West Capital Co. has a 12 month low of $59.03 and a 12 month high of $80.60. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 1.26.

Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its quarterly earnings data on Monday, February 27th. The utilities provider reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.03). The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $638.28 million. Pinnacle West Capital had a net margin of 11.18% and a return on equity of 7.87%. Pinnacle West Capital’s revenue was up 26.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.08 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Wednesday, February 1st were paid a $0.865 dividend. The ex-dividend date of this dividend was Tuesday, January 31st. This represents a $3.46 dividend on an annualized basis and a yield of 4.57%. Pinnacle West Capital’s dividend payout ratio is presently 81.03%.

Analyst Upgrades and Downgrades

PNW has been the topic of several research reports. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $79.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 22nd. Mizuho lowered their price target on shares of Pinnacle West Capital from $76.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday, March 2nd. Guggenheim raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price target for the company from $54.00 to $70.00 in a research report on Friday, November 18th. Siebert Williams Shank boosted their price target on shares of Pinnacle West Capital to $91.00 in a research report on Monday, November 28th. Finally, Evercore ISI set a $72.00 price target on shares of Pinnacle West Capital in a research report on Thursday, November 24th. Four investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $73.55.

About Pinnacle West Capital

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.