TCI Wealth Advisors Inc. Decreases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

TCI Wealth Advisors Inc. trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 45.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,280 shares of the utilities provider’s stock after selling 6,876 shares during the quarter. TCI Wealth Advisors Inc.’s holdings in Pinnacle West Capital were worth $595,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PNW. Commonwealth Equity Services LLC increased its position in shares of Pinnacle West Capital by 2.6% during the third quarter. Commonwealth Equity Services LLC now owns 36,801 shares of the utilities provider’s stock valued at $2,712,000 after acquiring an additional 942 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Pinnacle West Capital by 21.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 128,502 shares of the utilities provider’s stock valued at $9,468,000 after acquiring an additional 23,064 shares during the last quarter. Xponance Inc. grew its holdings in Pinnacle West Capital by 1.5% during the third quarter. Xponance Inc. now owns 21,803 shares of the utilities provider’s stock valued at $1,606,000 after purchasing an additional 324 shares during the period. Stratos Wealth Partners LTD. grew its holdings in Pinnacle West Capital by 9.7% during the third quarter. Stratos Wealth Partners LTD. now owns 5,013 shares of the utilities provider’s stock valued at $369,000 after purchasing an additional 443 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Pinnacle West Capital by 16.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,512 shares of the utilities provider’s stock valued at $1,659,000 after purchasing an additional 3,206 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.75 during trading hours on Friday, hitting $75.79. 1,042,561 shares of the company’s stock traded hands, compared to its average volume of 966,016. The firm has a market cap of $8.61 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.12 and a beta of 0.48. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03. The business’s fifty day simple moving average is $72.41 and its two-hundred day simple moving average is $72.07. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data 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 company had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.30% and a net margin of 11.09%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. On average, research analysts anticipate that Pinnacle West Capital Co. will post 4.72 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.64%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is 76.69%.

Analysts Set New Price Targets

PNW has been the subject of several research reports. Guggenheim raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Monday, January 22nd. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the company from $71.00 to $80.00 in a report on Monday, March 18th. Citigroup initiated coverage on Pinnacle West Capital in a report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective for the company. Royal Bank of Canada reduced their price objective on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. Finally, Morgan Stanley increased their price objective on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $73.67.

Pinnacle West Capital 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.