Raymond James Financial Services Advisors Inc. lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 16,962 shares of the utilities provider’s stock after selling 146 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Pinnacle West Capital were worth $1,622,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. FMR LLC grew its stake in shares of Pinnacle West Capital by 19.5% in the 4th quarter. FMR LLC now owns 940,646 shares of the utilities provider’s stock valued at $80,143,000 after buying an additional 153,450 shares during the period. Gotham Asset Management LLC purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $2,490,000. Vanguard Group Inc grew its stake in shares of Pinnacle West Capital by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 12,162,967 shares of the utilities provider’s stock valued at $963,063,000 after buying an additional 155,601 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Pinnacle West Capital by 6.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,350 shares of the utilities provider’s stock valued at $1,222,000 after buying an additional 885 shares during the period. Finally, Wakefield Asset Management LLLP boosted its position in shares of Pinnacle West Capital by 2.1% during the 1st quarter. Wakefield Asset Management LLLP now owns 10,705 shares of the utilities provider’s stock worth $1,023,000 after purchasing an additional 225 shares during the period. Institutional investors and hedge funds own 85.20% of the company’s stock.

In other news, Director Bruce J. Nordstrom sold 3,374 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $93.44, for a total value of $315,266.56. Following the sale, the director now directly owns 32,989 shares in the company, valued at approximately $3,082,492.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey B. Guldner sold 1,395 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $92.46, for a total transaction of $128,981.70. Following the completion of the sale, the executive vice president now owns 19,409 shares in the company, valued at $1,794,556.14. The disclosure for this sale can be found here. Insiders sold a total of 15,141 shares of company stock valued at $1,433,016 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

Shares of PNW stock opened at $95.40 on Tuesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.55 and a quick ratio of 0.36. Pinnacle West Capital Co. has a 52 week low of $73.41 and a 52 week high of $97.92. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 3.88 and a beta of 0.20.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.01). Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The business had revenue of $740.53 million during the quarter, compared to analysts’ expectations of $718.60 million. During the same period in the prior year, the business earned $0.03 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts forecast that Pinnacle West Capital Co. will post 4.85 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st were given a $0.7375 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $2.95 annualized dividend and a yield of 3.09%. Pinnacle West Capital’s dividend payout ratio is presently 64.98%.

A number of research firms recently weighed in on PNW. Zacks Investment Research raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research report on Monday, May 20th. Morgan Stanley set a $98.00 price objective on shares of Pinnacle West Capital and gave the stock a “hold” rating in a research report on Thursday, May 16th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Friday, May 10th. Credit Suisse Group set a $102.00 price objective on shares of Pinnacle West Capital and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $94.09.

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About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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