Kentucky Retirement Systems Insurance Trust Fund Sells 298 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,742 shares of the utilities provider’s stock after selling 298 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Pinnacle West Capital were worth $280,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Capital Research Global Investors boosted its position in shares of Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Norges Bank purchased a new position in shares of Pinnacle West Capital in the fourth quarter worth $112,914,000. First Trust Advisors LP lifted its holdings in shares of Pinnacle West Capital by 2.5% in the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after buying an additional 29,767 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle West Capital by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 991,371 shares of the utilities provider’s stock worth $71,220,000 after buying an additional 28,178 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Up 0.5 %

Pinnacle West Capital stock traded up $0.46 during mid-day trading on Monday, hitting $85.17. The company had a trading volume of 214,673 shares, compared to its average volume of 1,162,052. The stock has a market cap of $9.67 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.17 and a beta of 0.51. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $85.36. The business has a fifty day moving average of $77.77 and a 200 day moving average of $73.89. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

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

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNW. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Citigroup began coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 5th. Barclays decreased their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Finally, Morgan Stanley cut their price objective on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $76.77.

Pinnacle West Capital Company Profile

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.