Pinnacle West Capital Co. (PNW) to Issue Quarterly Dividend of $0.88 on June 3rd

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 4.83%.

Pinnacle West Capital has raised 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 payout ratio of 71.4% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 1.4 %

Shares of NYSE:PNW opened at $72.95 on Friday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $86.03. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 2.00 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The business’s 50 day moving average price is $71.06 and its 200-day moving average price is $72.05.

Analysts Set New Price Targets

PNW has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their target price 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. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price target on the stock. Wells Fargo & Company reduced their price target on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, January 26th. Barclays lifted their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday. Finally, UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $68.00 to $71.00 in a report on Monday, March 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $73.00.

Hedge Funds Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pacific Center for Financial Services acquired a new position in shares of Pinnacle West Capital during the first quarter worth about $40,000. Retirement Group LLC grew its position in shares of Pinnacle West Capital by 200.0% during the fourth quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock worth $46,000 after buying an additional 400 shares in the last quarter. Parkside Financial Bank & Trust grew its position in shares of Pinnacle West Capital by 235.5% during the first quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock worth $56,000 after buying an additional 504 shares in the last quarter. Harbour Investments Inc. grew its position in shares of Pinnacle West Capital by 57.3% during the first quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock worth $60,000 after buying an additional 274 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its position in shares of Pinnacle West Capital by 51.5% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock worth $55,000 after buying an additional 262 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.