Sumitomo Mitsui Trust Group Inc. Raises Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 8.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,650 shares of the utilities provider’s stock after acquiring an additional 366 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinnacle West Capital were worth $443,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Pinnacle West Capital by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock valued at $1,202,116,000 after purchasing an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Pinnacle West Capital by 0.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock valued at $581,945,000 after buying an additional 37,768 shares during the last quarter. Invesco Ltd. increased its position in shares of Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after acquiring an additional 1,045,788 shares during the period. Geode Capital Management LLC increased its position in shares of Pinnacle West Capital by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider’s stock valued at $243,897,000 after acquiring an additional 204,805 shares during the period. Finally, Deutsche Bank AG raised its stake in Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after acquiring an additional 610,042 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $90.42 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. The company has a 50 day moving average price of $90.74 and a 200-day moving average price of $89.95. Pinnacle West Capital Corporation has a 1-year low of $75.57 and a 1-year high of $96.50. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 9.45 and a beta of 0.42.

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

Pinnacle West Capital Dividend Announcement

The firm 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 $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

Analysts Set New Price Targets

Several analysts have weighed in on PNW shares. Barclays boosted their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. BMO Capital Markets started coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They set a “market perform” rating and a $95.00 price target for the company. 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 note on Thursday, May 22nd. Finally, Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $97.00.

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.