1,011 Shares in Pinnacle West Capital Corporation (NYSE:PNW) Purchased by MJT & Associates Financial Advisory Group Inc.

MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the first quarter, Holdings Channel reports. The fund bought 1,011 shares of the utilities provider’s stock, valued at approximately $96,000.

Other institutional investors have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $35,000. HM Payson & Co. increased its position in Pinnacle West Capital by 49.7% during 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 period. Spirit of America Management Corp NY purchased a new position in Pinnacle West Capital during the 1st quarter valued at about $57,000. Mowery & Schoenfeld Wealth Management LLC increased its position in Pinnacle West Capital by 3,500.0% during the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 612 shares of the utilities provider’s stock valued at $58,000 after purchasing an additional 595 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $60,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 1.0%

PNW stock opened at $90.94 on Monday. The firm has a 50 day moving average of $90.42 and a 200 day moving average of $90.72. The stock has a market capitalization of $10.86 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 9.47 and a beta of 0.42. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $0.15 earnings per share. Sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PNW shares. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Wall Street Zen downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Barclays lifted their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 1st. UBS Group reaffirmed a “neutral” rating and issued a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Finally, BMO Capital Markets began coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $96.78.

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.