New York State Common Retirement Fund Sells 9,908 Shares of Pinnacle West Capital Co. (NYSE:PNW)

New York State Common Retirement Fund lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 11.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 78,420 shares of the utilities provider’s stock after selling 9,908 shares during the period. New York State Common Retirement Fund’s holdings in Pinnacle West Capital were worth $5,634,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. California Public Employees Retirement System raised its stake in Pinnacle West Capital by 1.1% in the fourth quarter. California Public Employees Retirement System now owns 649,736 shares of the utilities provider’s stock worth $46,677,000 after buying an additional 7,341 shares in the last quarter. Duality Advisers LP bought a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $1,422,000. MCF Advisors LLC lifted its stake in shares of Pinnacle West Capital by 9.2% in the 4th quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 174 shares during the period. CWM LLC boosted its position in shares of Pinnacle West Capital by 6.8% during the fourth quarter. CWM LLC now owns 9,945 shares of the utilities provider’s stock valued at $714,000 after purchasing an additional 629 shares in the last quarter. Finally, abrdn plc grew its stake in Pinnacle West Capital by 120.0% in the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $75.79 on Friday. The company has a market cap of $8.61 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.10 and a beta of 0.48. The business’s fifty day simple moving average is $72.41 and its two-hundred day simple moving average is $72.10. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $86.03. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The company had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same period last year, the firm posted ($0.03) earnings per share. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. Research analysts anticipate that Pinnacle West Capital Co. will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.64%. Pinnacle West Capital’s payout ratio is 76.69%.

Analysts Set New Price Targets

PNW has been the topic of a number of research reports. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. Mizuho cut their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a report on Monday, January 22nd. Evercore ISI cut their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research note on Monday, March 4th. Finally, StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $73.67.

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.