Pinnacle West Capital Co. (PNW) Position Lifted by California Public Employees Retirement System

California Public Employees Retirement System increased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 0.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 348,448 shares of the utilities provider’s stock after purchasing an additional 1,764 shares during the period. California Public Employees Retirement System owned 0.31% of Pinnacle West Capital worth $29,681,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boston Partners increased its position in shares of Pinnacle West Capital by 24.3% during the 4th quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock valued at $299,117,000 after purchasing an additional 687,119 shares during the period. American Century Companies Inc. increased its position in shares of Pinnacle West Capital by 2.5% during the 4th quarter. American Century Companies Inc. now owns 2,674,862 shares of the utilities provider’s stock valued at $227,845,000 after purchasing an additional 64,083 shares during the period. Bank of New York Mellon Corp increased its position in shares of Pinnacle West Capital by 0.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,213,084 shares of the utilities provider’s stock valued at $102,581,000 after purchasing an additional 3,491 shares during the period. Legal & General Group Plc increased its position in shares of Pinnacle West Capital by 5.7% during the 3rd quarter. Legal & General Group Plc now owns 976,307 shares of the utilities provider’s stock valued at $82,555,000 after purchasing an additional 52,287 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Pinnacle West Capital by 7.8% during the 3rd quarter. First Trust Advisors LP now owns 873,303 shares of the utilities provider’s stock valued at $73,847,000 after purchasing an additional 62,896 shares during the period. 82.05% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP David P. Falck sold 4,500 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the sale, the executive vice president now owns 40,838 shares in the company, valued at approximately $3,637,440.66. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Donald E. Brandt sold 24,216 shares of the stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $79.21, for a total value of $1,918,149.36. Following the transaction, the chairman now owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

Several equities analysts have recently issued reports on PNW shares. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Morgan Stanley upgraded Pinnacle West Capital from an “underweight” rating to an “equal weight” rating and set a $85.00 target price on the stock in a report on Tuesday, February 13th. SunTrust Banks restated a “hold” rating and issued a $91.00 target price on shares of Pinnacle West Capital in a report on Friday, November 24th. Williams Capital reaffirmed a “hold” rating and issued a $84.00 target price (down previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday, January 29th. Finally, Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $84.91.

Shares of Pinnacle West Capital Co. (PNW) traded up $3.41 on Friday, hitting $80.15. The stock had a trading volume of 2,196,523 shares, compared to its average volume of 819,168. The firm has a market cap of $8,955.16, a P/E ratio of 18.43, a P/E/G ratio of 5.72 and a beta of 0.27. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. Pinnacle West Capital Co. has a fifty-two week low of $73.81 and a fifty-two week high of $92.48.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm had revenue of $759.65 million for the quarter, compared to the consensus estimate of $773.12 million. During the same quarter in the prior year, the business earned $0.47 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. sell-side analysts anticipate that Pinnacle West Capital Co. will post 4.4 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st will be given a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Wednesday, January 31st. Pinnacle West Capital’s payout ratio is 63.91%.

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Pinnacle West Capital Company Profile

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.

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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