Kentucky Retirement Systems Has $652,000 Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,073 shares of the utilities provider’s stock after purchasing an additional 290 shares during the quarter. Kentucky Retirement Systems’ holdings in Pinnacle West Capital were worth $652,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MeadowBrook Investment Advisors LLC acquired a new position in shares of Pinnacle West Capital in the fourth quarter valued at $25,000. Financial Gravity Asset Management Inc. raised its stake in Pinnacle West Capital by 338.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new position in Pinnacle West Capital during the fourth quarter worth $26,000. Tobam raised its stake in Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 393 shares in the last quarter. Finally, First United Bank & Trust acquired a new position in Pinnacle West Capital during the fourth quarter worth $29,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

PNW opened at $78.62 on Wednesday. The business has a fifty day simple moving average of $74.12 and a 200 day simple moving average of $72.29. The company has a market capitalization of $8.93 billion, a PE ratio of 17.13, a price-to-earnings-growth ratio of 2.17 and a beta of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. The business had revenue of $951.71 million during the quarter, compared to the consensus estimate of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. Research analysts expect that Pinnacle West Capital Co. will post 4.76 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be issued a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 annualized dividend and a yield of 4.48%. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Barclays increased their target price on Pinnacle West Capital from $76.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Royal Bank of Canada decreased their price target on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a report on Friday, March 1st. Wells Fargo & Company raised their target price on Pinnacle West Capital from $74.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Finally, Mizuho reduced their target price on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $74.08.

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.