UniSuper Management Pty Ltd Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

UniSuper Management Pty Ltd raised its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 1,294.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 12,299 shares of the utilities provider’s stock after buying an additional 11,417 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Pinnacle West Capital were worth $919,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. MeadowBrook Investment Advisors LLC bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $25,000. BOK Financial Private Wealth Inc. bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $26,000. Tobam boosted its position in shares of Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 393 shares in the last quarter. First United Bank & Trust bought a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $29,000. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of Pinnacle West Capital by 70.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 199 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PNW shares. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Wells Fargo & Company upped their price objective on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. Finally, Citigroup began coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $76.77.

Pinnacle West Capital Trading Up 1.2 %

NYSE:PNW traded up $1.04 during midday trading on Thursday, hitting $84.55. The stock had a trading volume of 22,264 shares, compared to its average volume of 1,167,107. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 2.11 and a beta of 0.51. The stock has a 50-day moving average of $77.53 and a 200 day moving average of $73.75. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.00.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The firm had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.75 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.16%. Pinnacle West Capital’s payout ratio is currently 76.69%.

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.