QRG Capital Management Inc. Boosts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

QRG Capital Management Inc. grew its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,021 shares of the utilities provider’s stock after acquiring an additional 695 shares during the period. QRG Capital Management Inc. owned 0.07% of Pinnacle West Capital worth $5,390,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Pinnacle West Capital by 1.0% during the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock worth $84,990,000 after acquiring an additional 11,591 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position 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. Empower Advisory Group LLC raised its position in shares of Pinnacle West Capital by 1.5% in the third quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider’s stock worth $65,346,000 after buying an additional 12,850 shares in the last quarter. Reaves W H & Co. Inc. raised its position in shares of Pinnacle West Capital by 12.3% in the fourth quarter. Reaves W H & Co. Inc. now owns 814,309 shares of the utilities provider’s stock worth $58,500,000 after buying an additional 89,442 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Pinnacle West Capital by 1.1% in the fourth quarter. California Public Employees Retirement System now owns 649,736 shares of the utilities provider’s stock worth $46,677,000 after buying an additional 7,341 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.6 %

Shares of NYSE PNW traded down $0.46 during trading hours on Monday, hitting $76.78. The company’s stock had a trading volume of 212,307 shares, compared to its average volume of 1,276,031. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58. The stock has a market cap of $8.72 billion, a price-to-earnings ratio of 16.83, a P/E/G ratio of 2.15 and a beta of 0.48. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $86.03. The business has a 50-day simple moving average of $73.25 and a 200-day simple moving average of $72.16.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) 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 company had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. During the same period last year, the firm earned ($0.03) earnings per share. Pinnacle West Capital’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital Co. will post 4.76 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a yield of 4.58%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 76.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNW. Royal Bank of Canada lowered their price objective on 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. Evercore ISI reduced their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research note on Monday, March 4th. Morgan Stanley increased their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their target price for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Finally, Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their target price for the company from $71.00 to $80.00 in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $73.67.

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.