Amalgamated Bank Has $2.12 Million Stock Position in Pinnacle West Capital Corporation (NYSE:PNW)

Amalgamated Bank increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,300 shares of the utilities provider’s stock after purchasing an additional 372 shares during the quarter. Amalgamated Bank’s holdings in Pinnacle West Capital were worth $2,124,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PNW shares. Morgan Stanley lowered 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. 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. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Finally, Wall Street Zen cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.00.

Pinnacle West Capital Stock Up 0.3%

Shares of NYSE:PNW opened at $90.42 on Monday. Pinnacle West Capital Corporation has a one year low of $75.57 and a one year high of $96.50. The company has a 50 day moving average of $90.74 and a 200-day moving average of $89.99. 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 stock has a market cap of $10.80 billion, a price-to-earnings ratio of 17.98, a P/E/G ratio of 9.45 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last issued 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). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter in the prior year, the firm earned $0.15 EPS. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company 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 3.96%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital’s payout ratio is 71.17%.

Pinnacle West Capital 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.