Fifth Third Bancorp Reduces Stake in Pinnacle West Capital Corporation (NYSE:PNW)

Fifth Third Bancorp reduced its position in Pinnacle West Capital Corporation (NYSE:PNW) by 42.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,483 shares of the utilities provider’s stock after selling 2,617 shares during the period. Fifth Third Bancorp’s holdings in Pinnacle West Capital were worth $332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PNW. Brighton Jones LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth $417,000. Empowered Funds LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth $346,000. Van ECK Associates Corp boosted its stake in shares of Pinnacle West Capital by 8.9% in the 4th quarter. Van ECK Associates Corp now owns 34,242 shares of the utilities provider’s stock worth $2,903,000 after buying an additional 2,802 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Pinnacle West Capital by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,709 shares of the utilities provider’s stock worth $230,000 after buying an additional 561 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Pinnacle West Capital by 125.9% in the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock worth $56,000 after buying an additional 365 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PNW shares. Guggenheim reaffirmed a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. BMO Capital Markets started coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price on the stock. Morgan Stanley decreased their target price on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a report on Thursday, May 22nd. Barclays raised their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Finally, Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $88.37 on Thursday. 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 business’s 50-day simple moving average is $91.72 and its two-hundred day simple moving average is $89.94. The stock has a market cap of $10.55 billion, a PE ratio of 17.57, a P/E/G ratio of 9.28 and a beta of 0.43. Pinnacle West Capital Corporation has a 52 week low of $74.45 and a 52 week high of $96.50.

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

Pinnacle West Capital Dividend Announcement

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