Pinnacle West Capital Co. (NYSE:PNW) to Issue Quarterly Dividend of $0.88

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Stockholders of record on Wednesday, May 1st will be paid a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.89%.

Pinnacle West Capital has increased its dividend by an average of 3.0% per year over the last three years and has raised its dividend every year for the last 12 years. Pinnacle West Capital has a dividend payout ratio of 71.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle West Capital to earn $5.02 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 70.1%.

Pinnacle West Capital Stock Up 1.1 %

Pinnacle West Capital stock opened at $71.97 on Thursday. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The firm’s fifty day moving average is $70.83 and its 200 day moving average is $72.04. The company has a market capitalization of $8.17 billion, a PE ratio of 16.32, a PEG ratio of 2.00 and a beta of 0.49.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PNW shares. StockNews.com downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Royal Bank of Canada dropped their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Monday, January 22nd. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Finally, Wells Fargo & Company decreased their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $73.00.

Institutional Trading of Pinnacle West Capital

Institutional investors have recently made changes to their positions in the company. Pacific Center for Financial Services bought a new stake in shares of Pinnacle West Capital in the 1st quarter worth $40,000. Retirement Group LLC grew its stake in shares of Pinnacle West Capital by 200.0% in the 4th quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock worth $46,000 after acquiring an additional 400 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Pinnacle West Capital by 235.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 504 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Pinnacle West Capital by 57.3% in the 1st quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock worth $60,000 after acquiring an additional 274 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its stake in shares of Pinnacle West Capital by 51.5% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock worth $55,000 after acquiring an additional 262 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

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.