Nissay Asset Management Corp Japan ADV raised its stake in Pinnacle West Capital Co. (NYSE:PNW) by 3.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,553 shares of the utilities provider’s stock after purchasing an additional 372 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Pinnacle West Capital were worth $847,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Brand Asset Management Group Inc. purchased a new position in Pinnacle West Capital in the second quarter worth $26,000. PrairieView Partners LLC bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth approximately $38,000. Certified Advisory Corp purchased a new stake in Pinnacle West Capital in the first quarter worth $38,000. Arden Trust Co bought a new stake in shares of Pinnacle West Capital in the first quarter valued at $45,000. Finally, Ameritas Investment Company LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at $59,000. Institutional investors own 84.26% of the company’s stock.
A number of brokerages recently issued reports on PNW. Wells Fargo & Co upgraded Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $110.00 to $87.00 in a research note on Friday, April 24th. Barclays raised shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and set a $89.00 price target on the stock in a research report on Thursday, June 18th. Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating in a report on Tuesday, May 12th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $86.00 price target on shares of Pinnacle West Capital in a report on Thursday, April 30th. Finally, Goldman Sachs Group upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Monday, June 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $90.27.
Shares of NYSE PNW opened at $83.08 on Friday. The stock’s 50-day moving average is $77.13 and its 200 day moving average is $82.36. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 3.64 and a beta of 0.34. Pinnacle West Capital Co. has a 1-year low of $60.05 and a 1-year high of $105.51. The company has a current ratio of 0.47, a quick ratio of 0.32 and a debt-to-equity ratio of 0.87.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, May 8th. The utilities provider reported $0.27 EPS for the quarter, topping the consensus estimate of $0.16 by $0.11. Pinnacle West Capital had a net margin of 16.22% and a return on equity of 9.92%. The firm had revenue of $661.93 million for the quarter, compared to the consensus estimate of $749.63 million. During the same period last year, the firm posted $0.16 earnings per share. The business’s revenue was down 10.6% compared to the same quarter last year. On average, analysts forecast that Pinnacle West Capital Co. will post 4.83 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be issued a $0.7825 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.13 dividend on an annualized basis and a yield of 3.77%. Pinnacle West Capital’s dividend payout ratio (DPR) is 65.62%.
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 generating facilities. The company serves approximately 1.2 million customers.
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