Bank of Nova Scotia Cuts Position in Pinnacle West Capital Co. (NYSE:PNW)

Bank of Nova Scotia lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNWFree Report) by 73.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,573 shares of the utilities provider’s stock after selling 24,266 shares during the quarter. Bank of Nova Scotia’s holdings in Pinnacle West Capital were worth $616,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $112,914,000. Victory Capital Management Inc. raised its holdings in shares of Pinnacle West Capital by 1,267.8% during the fourth quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock valued at $22,404,000 after acquiring an additional 289,061 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Pinnacle West Capital by 494.7% in the fourth quarter. BNP Paribas Financial Markets now owns 197,905 shares of the utilities provider’s stock valued at $14,217,000 after acquiring an additional 164,625 shares in the last quarter. ING Groep NV boosted its stake in shares of Pinnacle West Capital by 1,000.4% in the fourth quarter. ING Groep NV now owns 156,525 shares of the utilities provider’s stock worth $11,245,000 after acquiring an additional 142,300 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Pinnacle West Capital by 83.2% during the third quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after purchasing an additional 140,215 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Down 1.1 %

Shares of PNW opened at $75.69 on Friday. The company’s 50-day moving average price is $75.39 and its 200 day moving average price is $72.80. 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 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The firm has a market cap of $8.60 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 1.95 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNWGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The business had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. On average, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st were paid a $0.88 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.65%. Pinnacle West Capital’s payout ratio is presently 76.69%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PNW shares. Mizuho lowered their target price 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. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Friday. Citigroup initiated coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. Finally, Evercore ISI cut their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $76.04.

Read Our Latest Report on Pinnacle West Capital

About Pinnacle West Capital

(Free Report)

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.

Read More

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Co. (NYSE:PNWFree Report).

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.