Farther Finance Advisors LLC Increases Position in Pinnacle West Capital Corporation (NYSE:PNW)

Farther Finance Advisors LLC boosted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 51.2% in the 1st quarter, Holdings Channel reports. The fund owned 2,715 shares of the utilities provider’s stock after acquiring an additional 919 shares during the quarter. Farther Finance Advisors LLC’s holdings in Pinnacle West Capital were worth $259,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $417,000. Empowered Funds LLC purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $346,000. Van ECK Associates Corp grew its stake in shares of Pinnacle West Capital by 8.9% in the 4th quarter. Van ECK Associates Corp now owns 34,242 shares of the utilities provider’s stock valued at $2,903,000 after buying an additional 2,802 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of Pinnacle West Capital by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 2,709 shares of the utilities provider’s stock valued at $230,000 after buying an additional 561 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Pinnacle West Capital by 125.9% in the 4th quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after buying an additional 365 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

PNW has been the subject of several analyst reports. Morgan Stanley dropped their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price target for the company. Barclays upped their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Finally, Guggenheim restated a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $88.37 on Thursday. The firm’s 50 day moving average price is $91.72 and its 200-day moving average price is $89.94. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. Pinnacle West Capital Corporation has a one year low of $74.45 and a one year high of $96.50. The firm has a market cap of $10.55 billion, a P/E ratio of 17.57, a P/E/G ratio of 9.28 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. Pinnacle West Capital’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.05%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

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.