Pinnacle West Capital Corporation (NYSE:PNW) Shares Acquired by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. lifted its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 26.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,546 shares of the utilities provider’s stock after acquiring an additional 1,150 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Pinnacle West Capital were worth $528,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Brighton Jones LLC acquired a new position in Pinnacle West Capital during the fourth quarter worth $417,000. Jones Financial Companies Lllp raised its holdings in shares of Pinnacle West Capital by 76.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,075 shares of the utilities provider’s stock valued at $91,000 after buying an additional 466 shares during the period. Proficio Capital Partners LLC acquired a new position in Pinnacle West Capital during the 4th quarter worth about $3,528,000. Raymond James Financial Inc. purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $4,892,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Pinnacle West Capital by 5.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,446 shares of the utilities provider’s stock valued at $2,157,000 after acquiring an additional 1,307 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

PNW has been the topic of several research reports. BMO Capital Markets assumed 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 on the stock. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “neutral” rating in a report on Friday. Morgan Stanley decreased their price target 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. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. Finally, Barclays lifted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $96.89.

Pinnacle West Capital Stock Down 0.4%

Shares of NYSE PNW opened at $91.01 on Monday. The business has a 50-day moving average of $90.33 and a two-hundred day moving average of $90.17. The company has a market capitalization of $10.87 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 9.48 and a beta of 0.42. Pinnacle West Capital Corporation has a 1 year low of $79.33 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34.

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

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 3.93%. Pinnacle West Capital’s dividend payout ratio (DPR) 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.