Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1,267.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 311,861 shares of the utilities provider’s stock after buying an additional 289,061 shares during the period. Victory Capital Management Inc.’s holdings in Pinnacle West Capital were worth $22,404,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Financial Gravity Asset Management Inc. increased its holdings in Pinnacle West Capital by 338.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth about $26,000. Tobam raised its position in shares of Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 393 shares during the last quarter. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 985.7% in the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after buying an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in Pinnacle West Capital in the 3rd quarter worth about $52,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays lifted their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Mizuho decreased their price target on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Citigroup assumed coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.67.

Pinnacle West Capital Stock Up 0.3 %

Shares of NYSE PNW opened at $76.63 on Thursday. The company has a market capitalization of $8.70 billion, a P/E ratio of 16.69, a P/E/G ratio of 2.12 and a beta of 0.48. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The company has a 50 day simple moving average of $72.89 and a 200-day simple moving average of $72.13. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter last year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts predict that Pinnacle West Capital Co. will post 4.72 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be given a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.59%. Pinnacle West Capital’s payout ratio is currently 76.69%.

Pinnacle West Capital Company Profile

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.