Envestnet Asset Management Inc. Sells 2,238 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Envestnet Asset Management Inc. trimmed its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,265 shares of the utilities provider’s stock after selling 2,238 shares during the period. Envestnet Asset Management Inc. owned about 0.08% of Pinnacle West Capital worth $9,074,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the business. Norinchukin Bank The lifted its stake in shares of Pinnacle West Capital by 2.7% during the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider’s stock worth $373,000 after buying an additional 117 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider’s stock worth $926,000 after buying an additional 125 shares during the last quarter. Probity Advisors Inc. lifted its stake in shares of Pinnacle West Capital by 2.7% during the 4th quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider’s stock worth $513,000 after buying an additional 159 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Pinnacle West Capital by 7.6% during the 1st quarter. Mather Group LLC. now owns 2,496 shares of the utilities provider’s stock worth $238,000 after buying an additional 177 shares during the last quarter. Finally, HM Payson & Co. grew its stake in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after acquiring an additional 196 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 22nd. KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. BMO Capital Markets assumed coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price objective for the company. Finally, Barclays raised their price objective on shares of 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 given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $96.78.

Pinnacle West Capital Stock Up 0.6%

PNW stock opened at $93.09 on Tuesday. The stock has a market cap of $11.11 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 9.63 and a beta of 0.42. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. The company’s 50 day moving average is $90.21 and its 200 day moving average is $90.46.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data 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 net margin of 11.28% and a return on equity of 8.78%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $988.95 million. During the same period in the prior year, the business posted $0.15 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS 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 issued a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.85%. 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.