Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, December 20th, RTT News reports. Shareholders of record on Thursday, February 1st will be given a dividend of 0.695 per share by the utilities provider on Thursday, March 1st. This represents a $2.78 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date is Wednesday, January 31st.
Pinnacle West Capital has raised its dividend payment by an average of 5.0% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Pinnacle West Capital has a payout ratio of 65.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle West Capital to earn $4.40 per share next year, which means the company should continue to be able to cover its $2.78 annual dividend with an expected future payout ratio of 63.2%.
Shares of Pinnacle West Capital (NYSE PNW) opened at $79.92 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $9,000.00, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 5.89 and a beta of 0.38. Pinnacle West Capital has a one year low of $75.79 and a one year high of $92.48.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.13. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the business posted $2.35 earnings per share. equities research analysts anticipate that Pinnacle West Capital will post 4.28 EPS for the current fiscal year.
In other Pinnacle West Capital news, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.37, for a total value of $179,812.44. Following the sale, the director now directly owns 12,786 shares in the company, valued at $1,142,684.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Donald E. Brandt sold 18,153 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the completion of the sale, the chief executive officer now owns 118,574 shares in the company, valued at $10,617,115.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,665 shares of company stock worth $2,206,047. Company insiders own 0.70% of the company’s stock.
A number of equities research analysts have issued reports on PNW shares. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Zacks Investment Research upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Thursday, October 26th. SunTrust Banks reiterated a “hold” rating and issued a $88.00 target price on shares of Pinnacle West Capital in a research note on Thursday, December 21st. Credit Suisse Group began coverage on Pinnacle West Capital in a research note on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 target price on the stock. Finally, Bank of America began coverage on shares of Pinnacle West Capital in a research note on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $86.40.
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About Pinnacle West Capital
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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