Ethic Inc. Takes $251,000 Position in Pinnacle West Capital Co. (NYSE:PNW)

Ethic Inc. purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,966 shares of the utilities provider’s stock, valued at approximately $251,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNW. YANKCOM Partnership acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $35,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $38,000. Transcendent Capital Group LLC acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $46,000. Finally, Allworth Financial LP raised its position in shares of Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after buying an additional 365 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNW has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price target 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. Guggenheim reiterated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Barclays boosted 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 research report on Tuesday, April 1st. UBS Group boosted their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Finally, Jefferies Financial Group lowered their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. One 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 company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.75.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $91.74 on Friday. The firm’s fifty day moving average price is $92.87 and its two-hundred day moving average price is $90.07. The stock has a market cap of $10.95 billion, a PE ratio of 17.38, a PEG ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a fifty-two week low of $74.45 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

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 analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 EPS. On average, equities analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be paid a dividend of $0.895 per share. The ex-dividend date is Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. Pinnacle West Capital’s payout ratio 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.