Pinnacle West Capital Co. (PNW) to Issue Quarterly Dividend of $0.70

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, December 20th, RTT News reports. Shareholders of record on Thursday, February 1st will be given a dividend of 0.695 per share by the utilities provider on Thursday, March 1st. This represents a $2.78 annualized dividend and a yield of 3.24%.

Pinnacle West Capital has increased its dividend payment by an average of 4.7% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Pinnacle West Capital has a payout ratio of 65.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle West Capital to earn $4.40 per share next year, which means the company should continue to be able to cover its $2.78 annual dividend with an expected future payout ratio of 63.2%.

Pinnacle West Capital (NYSE:PNW) opened at $85.80 on Thursday. Pinnacle West Capital has a 1 year low of $75.79 and a 1 year high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The company has a market cap of $9,674.68, a PE ratio of 18.70, a price-to-earnings-growth ratio of 6.25 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, topping the consensus estimate of $2.33 by $0.13. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the firm earned $2.35 EPS. Pinnacle West Capital’s quarterly revenue was up 1.4% on a year-over-year basis. sell-side analysts forecast that Pinnacle West Capital will post 4.28 earnings per share for the current year.

Several research analysts have commented on the stock. Royal Bank of Canada restated a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital in a research report on Tuesday, August 29th. Zacks Investment Research upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Monday, September 11th. KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital in a report on Friday, September 1st. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $83.00 to $86.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $91.00 price objective on shares of Pinnacle West Capital in a report on Friday, November 24th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $87.20.

In related news, EVP David P. Falck sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $89.07, for a total transaction of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares in the company, valued at $3,637,440.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The disclosure for this sale can be found here. Insiders have sold 24,665 shares of company stock valued at $2,206,047 over the last 90 days. 0.70% of the stock is currently owned by insiders.

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About Pinnacle West Capital

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Dividend History for Pinnacle West Capital (NYSE:PNW)

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