Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by First Horizon Advisors Inc.

First Horizon Advisors Inc. boosted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 50.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 852 shares of the utilities provider’s stock after purchasing an additional 284 shares during the period. First Horizon Advisors Inc.’s holdings in Pinnacle West Capital were worth $61,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. grew its stake in shares of Pinnacle West Capital by 338.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after buying an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth $26,000. Tobam boosted its stake in shares of Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 393 shares during the period. Blue Trust Inc. grew its holdings in Pinnacle West Capital by 985.7% during the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in Pinnacle West Capital during the 3rd quarter worth $52,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $76.41 on Wednesday. The stock has a market capitalization of $8.68 billion, a P/E ratio of 16.65, a P/E/G ratio of 2.12 and a beta of 0.48. The firm’s 50-day moving average price is $72.69 and its two-hundred day moving average price is $72.09. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.72 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.61%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Guggenheim upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a research note on Monday, January 22nd. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $74.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Barclays raised their price target on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Finally, Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $73.67.

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.