Farther Finance Advisors LLC Increases Position in Pinnacle West Capital Corporation (NYSE:PNW)

Farther Finance Advisors LLC increased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 51.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,715 shares of the utilities provider’s stock after buying an additional 919 shares during the quarter. Farther Finance Advisors LLC’s holdings in Pinnacle West Capital were worth $259,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PNW. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at $194,655,000. Invesco Ltd. lifted its position in Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the period. Merewether Investment Management LP acquired a new position in Pinnacle West Capital during the fourth quarter valued at $69,233,000. Two Sigma Advisers LP lifted its position in Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock valued at $77,387,000 after purchasing an additional 750,700 shares during the period. Finally, Deutsche Bank AG lifted its position in Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock valued at $206,420,000 after purchasing an additional 610,042 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research report on Thursday, May 22nd. Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. BMO Capital Markets started coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Stock Down 0.5%

PNW opened at $88.37 on Thursday. Pinnacle West Capital Corporation has a twelve month low of $74.45 and a twelve month high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $91.72 and a 200 day moving average price of $89.94. The company has a market cap of $10.55 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 9.28 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.05%. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

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.