MADDEN SECURITIES Corp Decreases Stake in Pinnacle West Capital Co. (NYSE:PNW)

MADDEN SECURITIES Corp trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,260 shares of the utilities provider’s stock after selling 600 shares during the quarter. MADDEN SECURITIES Corp’s holdings in Pinnacle West Capital were worth $1,739,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital during the fourth quarter worth about $35,000. Transcendent Capital Group LLC purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $46,000. Allworth Financial LP increased its position in Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock worth $56,000 after buying an additional 365 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Pinnacle West Capital in the fourth quarter worth $60,000. Finally, Versant Capital Management Inc increased its position in Pinnacle West Capital by 971.8% in the first quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider’s stock worth $80,000 after buying an additional 758 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $89.43 on Tuesday. The company has a 50 day moving average of $91.93 and a 200 day moving average of $90.10. The stock has a market cap of $10.68 billion, a P/E ratio of 16.94, a P/E/G ratio of 3.59 and a beta of 0.43. Pinnacle West Capital Co. has a 12 month low of $74.45 and a 12 month high of $96.50. 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 posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $988.95 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Pinnacle West Capital’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 5th were paid a $0.895 dividend. The ex-dividend date was Monday, May 5th. This represents a $3.58 dividend on an annualized basis and a yield of 4.00%. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Guggenheim reissued a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research note on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price for the company. UBS Group lifted their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company lifted their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $97.00.

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.