Illinois Municipal Retirement Fund boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 25.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,455 shares of the utilities provider’s stock after acquiring an additional 8,288 shares during the period. Illinois Municipal Retirement Fund’s holdings in Pinnacle West Capital were worth $3,291,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in PNW. Amundi Pioneer Asset Management Inc. lifted its position in Pinnacle West Capital by 63.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 162,326 shares of the utilities provider’s stock valued at $15,515,000 after purchasing an additional 63,204 shares during the last quarter. Advisor Partners LLC lifted its position in Pinnacle West Capital by 16.1% during the third quarter. Advisor Partners LLC now owns 4,102 shares of the utilities provider’s stock valued at $306,000 after purchasing an additional 570 shares during the last quarter. Brinker Capital Investments LLC bought a new stake in Pinnacle West Capital during the third quarter valued at approximately $276,000. Van ECK Associates Corp lifted its position in Pinnacle West Capital by 12.8% during the third quarter. Van ECK Associates Corp now owns 21,617 shares of the utilities provider’s stock valued at $1,611,000 after purchasing an additional 2,448 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Pinnacle West Capital by 14.3% in the 3rd quarter. Sei Investments Co. now owns 182,787 shares of the utilities provider’s stock worth $13,632,000 after acquiring an additional 22,888 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Williams Capital restated a “buy” rating on shares of Pinnacle West Capital in a report on Friday, April 23rd. Credit Suisse Group boosted their price objective on shares of Pinnacle West Capital from $81.00 to $91.00 and gave the stock a “neutral” rating in a report on Monday. TheStreet downgraded shares of Pinnacle West Capital from a “b” rating to a “c+” rating in a research note on Tuesday, March 16th. The Goldman Sachs Group reduced their price objective on shares of Pinnacle West Capital from $92.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, March 22nd. Finally, Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $88.14.
Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, February 23rd. The utilities provider reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.21). Pinnacle West Capital had a net margin of 18.03% and a return on equity of 11.16%. The company had revenue of $740.96 million during the quarter, compared to analysts’ expectations of $672.70 million. Analysts forecast that Pinnacle West Capital Co. will post 5.08 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 1st. Stockholders of record on Monday, May 3rd will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, April 30th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.93%. Pinnacle West Capital’s payout ratio is 69.60%.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985 and is headquartered in Phoenix, AZ.
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