Proficio Capital Partners LLC Takes $3.53 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Proficio Capital Partners LLC acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 41,622 shares of the utilities provider’s stock, valued at approximately $3,528,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. New York Life Investment Management LLC raised its position in shares of Pinnacle West Capital by 0.9% during the 4th quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after purchasing an additional 127 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $46,000. IFP Advisors Inc raised its position in shares of Pinnacle West Capital by 51.9% during the 4th quarter. IFP Advisors Inc now owns 3,906 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 1,334 shares during the period. Y Intercept Hong Kong Ltd raised its position in shares of Pinnacle West Capital by 5.6% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 14,738 shares of the utilities provider’s stock valued at $1,249,000 after purchasing an additional 780 shares during the period. Finally, Howard Capital Management Inc. bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $280,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $91.86 on Wednesday. Pinnacle West Capital Co. has a 52 week low of $67.74 and a 52 week high of $95.42. The stock has a market capitalization of $10.94 billion, a P/E ratio of 17.40, a PEG ratio of 3.59 and a beta of 0.57. The firm has a fifty day simple moving average of $87.27 and a two-hundred day simple moving average of $88.34. 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 issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. On average, analysts expect that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 3rd were paid a dividend of $0.895 per share. The ex-dividend date was Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. Pinnacle West Capital’s dividend payout ratio is presently 68.58%.

Analyst Ratings Changes

Several analysts have recently commented on PNW shares. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Citigroup raised their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of “Moderate Buy” and an average price target of $88.77.

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.