Alps Advisors Inc. Has $3 Million Position in Pinnacle West Capital Corporation (NYSE:PNW)

Alps Advisors Inc. grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 7.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,525 shares of the utilities provider’s stock after purchasing an additional 2,257 shares during the quarter. Alps Advisors Inc.’s holdings in Pinnacle West Capital were worth $3,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $35,000. HM Payson & Co. lifted its stake in shares of Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 196 shares during the last quarter. Spirit of America Management Corp NY acquired a new stake in shares of Pinnacle West Capital in the 1st quarter valued at $57,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $60,000. Finally, Tsfg LLC acquired a new stake in shares of Pinnacle West Capital in the 1st quarter valued at $60,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.4%

Shares of PNW opened at $91.01 on Friday. The stock’s 50-day moving average price is $90.33 and its 200 day moving average price is $90.10. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $10.87 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 9.51 and a beta of 0.42. Pinnacle West Capital Corporation has a 12-month low of $79.33 and a 12-month high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. As a group, research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital’s payout ratio is 71.17%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNW. Morgan Stanley reduced their price objective on shares of 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. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. UBS Group lifted their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “neutral” rating in a report on Friday. Barclays lifted 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. Finally, Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. One 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 data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $96.89.

About Pinnacle West Capital

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.