New York State Teachers Retirement System decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.6% in the 1st quarter, HoldingsChannel reports. The fund owned 209,468 shares of the utilities provider’s stock after selling 1,295 shares during the quarter. New York State Teachers Retirement System’s holdings in Pinnacle West Capital were worth $16,716,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of PNW. Banced Corp bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $201,000. Kovack Advisors Inc. bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $202,000. Newport Wealth Strategies Inc. bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $238,000. Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Pinnacle West Capital during the first quarter worth $271,000. Finally, IBM Retirement Fund bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $281,000. 82.85% of the stock is owned by institutional investors.
PNW has been the subject of several research reports. Zacks Investment Research raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating and set a $89.00 price objective for the company in a research report on Monday, January 15th. SunTrust Banks set a $82.00 price objective on shares of Pinnacle West Capital and gave the stock a “hold” rating in a research report on Tuesday, January 16th. Williams Capital reissued a “hold” rating and set a $84.00 price objective (down previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday, January 29th. Royal Bank of Canada reissued a “neutral” rating on shares of Pinnacle West Capital in a research report on Thursday, February 1st. Finally, UBS initiated coverage on shares of Pinnacle West Capital in a research report on Friday, February 2nd. They set a “neutral” rating and a $81.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $84.64.
Shares of Pinnacle West Capital opened at $78.15 on Friday, according to Marketbeat.com. Pinnacle West Capital Co. has a 12 month low of $77.53 and a 12 month high of $78.20. The firm has a market cap of $8.76 billion, a P/E ratio of 17.97, a price-to-earnings-growth ratio of 3.68 and a beta of 0.26. The company has a quick ratio of 0.35, a current ratio of 0.51 and a debt-to-equity ratio of 0.83.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.07). Pinnacle West Capital had a return on equity of 9.11% and a net margin of 13.08%. The business had revenue of $692.71 million for the quarter, compared to analyst estimates of $680.96 million. During the same quarter in the previous year, the company posted $0.21 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities research analysts predict that Pinnacle West Capital Co. will post 4.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Tuesday, May 1st will be issued a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.56%. The ex-dividend date is Monday, April 30th. Pinnacle West Capital’s payout ratio is 63.91%.
In related news, Director Kathryn L. Munro sold 2,666 shares of the stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $75.36, for a total transaction of $200,909.76. Following the completion of the transaction, the director now owns 15,630 shares in the company, valued at $1,177,876.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John S. Hatfield sold 2,145 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $76.14, for a total transaction of $163,320.30. Following the transaction, the vice president now owns 1,443 shares of the company’s stock, valued at approximately $109,870.02. The disclosure for this sale can be found here. Insiders have sold 43,894 shares of company stock valued at $3,382,610 in the last 90 days. 0.53% of the stock is currently owned by corporate insiders.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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