USA Financial Formulas Purchases Shares of 2,508 Pinnacle West Capital Co. (NYSE:PNW)

USA Financial Formulas purchased a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the first quarter, Holdings Channel.com reports. The firm purchased 2,508 shares of the utilities provider’s stock, valued at approximately $239,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PNW. Canada Post Corp Registered Pension Plan bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $35,000. Transcendent Capital Group LLC bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $46,000. Allworth Financial LP grew its holdings in shares of 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 purchasing an additional 365 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $60,000. Finally, Versant Capital Management Inc grew its holdings in shares of 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 purchasing an additional 758 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $89.20 on Thursday. The stock has a fifty day moving average of $91.78 and a 200 day moving average of $90.10. Pinnacle West Capital Co. has a 52 week low of $74.45 and a 52 week high of $96.50. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 3.59 and a beta of 0.43. The company has a quick ratio of 0.54, a current ratio of 0.71 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) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $988.95 million. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 EPS. As a group, research analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 5th were given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital’s dividend payout ratio is currently 71.17%.

Wall Street Analyst Weigh In

PNW has been the topic of several recent analyst reports. Barclays raised their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Wall Street Zen cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. Morgan Stanley dropped their price target on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. Finally, UBS Group raised their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.