Pinnacle West Capital Co. (NYSE:PNW) Plans Quarterly Dividend of $0.88

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Stockholders of record on Wednesday, May 1st will be paid a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.89%.

Pinnacle West Capital has raised its dividend payment by an average of 3.0% per year over the last three years and has raised its dividend every year for the last 12 years. Pinnacle West Capital has a dividend payout ratio of 71.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle West Capital to earn $5.02 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 70.1%.

Pinnacle West Capital Trading Up 1.1 %

Shares of NYSE PNW opened at $71.97 on Thursday. The company’s 50 day simple moving average is $70.83 and its 200 day simple moving average is $72.04. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The firm has a market capitalization of $8.17 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.00 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Pinnacle West Capital by 1.8% in the first quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock valued at $1,041,714,000 after purchasing an additional 241,019 shares in the last quarter. BlackRock Inc. lifted its stake in Pinnacle West Capital by 2.7% in the first quarter. BlackRock Inc. now owns 10,307,741 shares of the utilities provider’s stock valued at $816,785,000 after acquiring an additional 273,945 shares during the last quarter. State Street Corp lifted its stake in Pinnacle West Capital by 1.0% in the third quarter. State Street Corp now owns 7,634,622 shares of the utilities provider’s stock valued at $492,509,000 after acquiring an additional 74,164 shares during the last quarter. Invesco Ltd. lifted its stake in Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after acquiring an additional 808,207 shares during the last quarter. Finally, Norges Bank acquired a new stake in Pinnacle West Capital in the fourth quarter valued at $104,067,000. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Mizuho cut their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. Royal Bank of Canada cut their target price on shares of 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. Barclays increased their target price on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company cut their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, January 26th. Finally, StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $73.00.

About Pinnacle West Capital

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.