Stifel Financial Corp Cuts Stake in Pinnacle West Capital Co. (NYSE:PNW)

Stifel Financial Corp reduced its stake in shares of Pinnacle West Capital Co. (NYSE:PNWFree Report) by 4.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,849 shares of the utilities provider’s stock after selling 5,148 shares during the quarter. Stifel Financial Corp owned about 0.10% of Pinnacle West Capital worth $8,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MeadowBrook Investment Advisors LLC bought a new stake in Pinnacle West Capital in the fourth quarter worth $25,000. Financial Gravity Asset Management Inc. lifted its position in Pinnacle West Capital by 338.3% in the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after buying an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new stake in Pinnacle West Capital in the fourth quarter worth $26,000. First United Bank & Trust bought a new stake in Pinnacle West Capital in the fourth quarter worth $29,000. Finally, Tobam lifted its position in Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after buying an additional 393 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Morgan Stanley raised their price target on Pinnacle West Capital from $70.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 28th. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and raised their price target for the company from $68.00 to $71.00 in a research note on Monday, March 11th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price target for the company from $74.00 to $83.50 in a research note on Thursday. Finally, Mizuho cut their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.04.

Check Out Our Latest Stock Analysis on PNW

Pinnacle West Capital Stock Performance

PNW opened at $76.55 on Friday. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. The company has a market cap of $8.69 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 2.01 and a beta of 0.50. The firm’s 50-day moving average price is $75.37 and its 200-day moving average price is $72.77.

Pinnacle West Capital (NYSE:PNWGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 4.73 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st were issued a dividend of $0.88 per share. The ex-dividend date was Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.60%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 76.69%.

Pinnacle West Capital Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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