Amalgamated Bank Sells 396 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Amalgamated Bank cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,928 shares of the utilities provider’s stock after selling 396 shares during the quarter. Amalgamated Bank’s holdings in Pinnacle West Capital were worth $1,859,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC lifted its position in shares of Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd purchased a new stake in Pinnacle West Capital during the third quarter worth $2,235,000. Principal Financial Group Inc. boosted its position in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after acquiring an additional 9,993 shares in the last quarter. Entropy Technologies LP increased its holdings in shares of Pinnacle West Capital by 170.1% in the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after acquiring an additional 19,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Pinnacle West Capital by 47.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after acquiring an additional 3,758 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNW. Citigroup raised their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. KeyCorp upgraded 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. Finally, Guggenheim reaffirmed a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $87.13.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $92.53 on Monday. The business has a fifty day moving average of $86.96 and a 200 day moving average of $88.23. Pinnacle West Capital Co. has a 1 year low of $67.51 and a 1 year high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.87%. Pinnacle West Capital’s payout ratio is currently 68.58%.

Pinnacle West Capital Company 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.