Romano Brothers AND Company Sells 2,400 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Romano Brothers AND Company lessened its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 8.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,475 shares of the utilities provider’s stock after selling 2,400 shares during the quarter. Romano Brothers AND Company’s holdings in Pinnacle West Capital were worth $2,617,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNW. Vanguard Group Inc. lifted its holdings in shares of Pinnacle West Capital by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock worth $1,202,116,000 after purchasing 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% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock worth $581,945,000 after purchasing an additional 37,768 shares during the period. Invesco Ltd. lifted its holdings in shares of Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after purchasing 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% during the fourth quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider’s stock worth $243,897,000 after purchasing an additional 204,805 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after purchasing an additional 610,042 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PNW. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Guggenheim reiterated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Barclays boosted their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday, April 1st. Wall Street Zen lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Finally, BMO Capital Markets began coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.65.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $90.82 on Tuesday. The firm’s 50-day moving average price is $92.43 and its 200-day moving average price is $90.19. Pinnacle West Capital Co. has a 1-year low of $74.45 and a 1-year high of $96.50. The firm has a market capitalization of $10.84 billion, a P/E ratio of 17.20, a P/E/G ratio of 3.59 and a beta of 0.45. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data 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). Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter in the prior year, the company posted $0.15 EPS. Pinnacle West Capital’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 5th were issued a dividend of $0.895 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.58 annualized dividend and a dividend yield of 3.94%. Pinnacle West Capital’s dividend payout ratio is currently 71.17%.

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.