Retirement Systems of Alabama Has $24.22 Million Holdings in Pinnacle West Capital Co. (PNW)

Retirement Systems of Alabama boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 390.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 253,419 shares of the utilities provider’s stock after purchasing an additional 201,782 shares during the period. Retirement Systems of Alabama owned approximately 0.23% of Pinnacle West Capital worth $24,222,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Whitehelm Capital Pty Ltd raised its stake in Pinnacle West Capital by 2.9% during the first quarter. Whitehelm Capital Pty Ltd now owns 79,429 shares of the utilities provider’s stock worth $7,592,000 after purchasing an additional 2,217 shares during the period. First Manhattan Co. raised its stake in shares of Pinnacle West Capital by 0.5% in the 1st quarter. First Manhattan Co. now owns 27,521 shares of the utilities provider’s stock valued at $2,630,000 after acquiring an additional 131 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Pinnacle West Capital in the 1st quarter valued at approximately $561,000. TCI Wealth Advisors Inc. raised its stake in shares of Pinnacle West Capital by 2.9% in the 1st quarter. TCI Wealth Advisors Inc. now owns 5,950 shares of the utilities provider’s stock valued at $569,000 after acquiring an additional 166 shares during the period. Finally, Moody National Bank Trust Division raised its stake in shares of Pinnacle West Capital by 18.4% in the 1st quarter. Moody National Bank Trust Division now owns 2,132 shares of the utilities provider’s stock valued at $204,000 after acquiring an additional 332 shares during the period. 85.84% of the stock is currently owned by institutional investors.

PNW traded up $0.39 during trading hours on Thursday, hitting $92.57. 609,828 shares of the company’s stock were exchanged, compared to its average volume of 1,035,453. Pinnacle West Capital Co. has a 12-month low of $73.41 and a 12-month high of $97.27. The company has a market cap of $10.57 billion, a P/E ratio of 20.39, a PEG ratio of 3.89 and a beta of 0.18. The company has a quick ratio of 0.36, a current ratio of 0.55 and a debt-to-equity ratio of 0.92.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a dividend of $0.7375 per share. This represents a $2.95 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is currently 64.98%.

In other Pinnacle West Capital news, Director Denis A. Cortese sold 3,014 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $94.12, for a total transaction of $283,677.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey B. Guldner sold 1,395 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $92.46, for a total transaction of $128,981.70. Following the transaction, the executive vice president now owns 19,409 shares of the company’s stock, valued at approximately $1,794,556.14. The disclosure for this sale can be found here. Insiders have sold a total of 47,420 shares of company stock valued at $4,415,739 in the last quarter. 0.41% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on PNW. ValuEngine downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Credit Suisse Group boosted their price target on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, February 25th. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Monday, April 15th. Royal Bank of Canada downgraded shares of Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 price target on the stock. in a research note on Friday, March 1st. Finally, Goldman Sachs Group downgraded shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating in a research note on Thursday, January 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $90.91.

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Pinnacle West Capital Company Profile

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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