Swiss National Bank Trims Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Swiss National Bank lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 10.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 223,300 shares of the utilities provider’s stock after selling 25,700 shares during the quarter. Swiss National Bank owned about 0.20% of Pinnacle West Capital worth $16,042,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Financial Gravity Asset Management Inc. raised its stake in Pinnacle West Capital by 338.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the period. BOK Financial Private Wealth Inc. acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $26,000. Tobam raised its holdings in shares of Pinnacle West Capital by 2,620.0% in the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 393 shares during the period. Blue Trust Inc. lifted its stake in shares of Pinnacle West Capital by 985.7% in the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth about $52,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Up 1.0 %

Shares of NYSE PNW opened at $77.40 on Friday. The stock has a market capitalization of $8.79 billion, a P/E ratio of 16.86, a PEG ratio of 2.12 and a beta of 0.48. The stock’s 50 day moving average price is $73.07 and its two-hundred day moving average price is $72.16. 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 Co. has a 52-week low of $65.20 and a 52-week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The firm had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The firm’s revenue was up .7% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital Co. will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced 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 of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.55%. Pinnacle West Capital’s dividend payout ratio is currently 76.69%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Citigroup initiated coverage on Pinnacle West Capital in a research report on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. 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 target price on the stock. Barclays increased their price objective on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Evercore ISI decreased their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $73.67.

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.