Mufg Securities Americas Inc. Makes New Investment in Pinnacle West Capital Co. (NYSE:PNW)

Mufg Securities Americas Inc. acquired a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 1,679 shares of the utilities provider’s stock, valued at approximately $142,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Pinnacle West Capital by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock valued at $1,202,116,000 after buying an additional 143,716 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Pinnacle West Capital by 0.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock valued at $581,945,000 after buying an additional 37,768 shares during the period. Invesco Ltd. lifted its holdings in shares of Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after buying an additional 1,045,788 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Pinnacle West Capital by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider’s stock valued at $243,897,000 after buying an additional 204,805 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock valued at $206,420,000 after buying an additional 610,042 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $91.74 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a fifty day moving average of $92.87 and a two-hundred day moving average of $90.07. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 3.59 and a beta of 0.45. Pinnacle West Capital Co. has a fifty-two week low of $74.45 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $988.95 million. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 EPS. On average, analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 5th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Monday, May 5th. Pinnacle West Capital’s payout ratio is 71.17%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNW. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Barclays raised their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday, April 1st. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Wells Fargo & Company raised their price objective on 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. Finally, UBS Group raised their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $95.75.

Pinnacle West Capital 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.