M&T Bank Corp Sells 549 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

M&T Bank Corp trimmed its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,676 shares of the utilities provider’s stock after selling 549 shares during the period. M&T Bank Corp’s holdings in Pinnacle West Capital were worth $922,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $417,000. Jones Financial Companies Lllp grew its stake 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 purchasing an additional 466 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $3,528,000. Raymond James Financial Inc. bought a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $4,892,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 purchasing an additional 1,307 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PNW shares. Wall Street Zen lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Barclays upped their price objective 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. Morgan Stanley decreased their price target on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 22nd. UBS Group restated a “neutral” rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday. Finally, BMO Capital Markets started coverage on 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. One investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.89.

Pinnacle West Capital Stock Up 0.3%

NYSE:PNW opened at $91.32 on Tuesday. The stock’s fifty day moving average price is $90.33 and its two-hundred day moving average price is $90.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The company has a market cap of $10.90 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 9.48 and a beta of 0.42. Pinnacle West Capital Corporation has a 52-week low of $79.33 and a 52-week high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter in the prior year, the company posted $0.15 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current 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 3.92%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital’s payout ratio is presently 71.17%.

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.