Pinnacle West Capital Co. (PNW) Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System increased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 5.6% in the 1st quarter, HoldingsChannel reports. The fund owned 203,219 shares of the utilities provider’s stock after purchasing an additional 10,804 shares during the quarter. New York State Teachers Retirement System’s holdings in Pinnacle West Capital were worth $19,424,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Securian Asset Management Inc grew its position in Pinnacle West Capital by 1.0% in the 1st quarter. Securian Asset Management Inc now owns 11,655 shares of the utilities provider’s stock valued at $1,114,000 after purchasing an additional 116 shares during the period. Dean Investment Associates LLC boosted its holdings in Pinnacle West Capital by 1.1% during the 4th quarter. Dean Investment Associates LLC now owns 11,215 shares of the utilities provider’s stock worth $956,000 after acquiring an additional 119 shares during the last quarter. First Manhattan Co. boosted its holdings in Pinnacle West Capital by 0.5% during the 1st quarter. First Manhattan Co. now owns 27,521 shares of the utilities provider’s stock worth $2,630,000 after acquiring an additional 131 shares during the last quarter. Rare Infrastructure Ltd boosted its holdings in Pinnacle West Capital by 9.1% during the 4th quarter. Rare Infrastructure Ltd now owns 1,691 shares of the utilities provider’s stock worth $145,000 after acquiring an additional 141 shares during the last quarter. Finally, Ironwood Investment Counsel LLC boosted its holdings in Pinnacle West Capital by 1.3% during the 4th quarter. Ironwood Investment Counsel LLC now owns 12,481 shares of the utilities provider’s stock worth $1,063,000 after acquiring an additional 157 shares during the last quarter. Institutional investors own 85.87% of the company’s stock.

In other news, VP Lee R. Nickloy sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $93.50, for a total transaction of $93,500.00. Following the sale, the vice president now directly owns 931 shares in the company, valued at $87,048.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael L. Gallagher sold 5,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The disclosure for this sale can be found here. Insiders sold a total of 52,420 shares of company stock worth $4,895,239 over the last 90 days. 0.41% of the stock is currently owned by company insiders.

A number of equities analysts recently weighed in on PNW shares. Wells Fargo & Co downgraded shares of Pinnacle West Capital from an “outperform” rating to a “market perform” rating and set a $87.36 price target on the stock. in a report on Wednesday, January 30th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Friday, May 10th. 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 report 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 report on Friday, March 1st. Finally, Morgan Stanley set a $98.00 price target on shares of Pinnacle West Capital and gave the stock a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $92.09.

Shares of Pinnacle West Capital stock opened at $96.06 on Monday. Pinnacle West Capital Co. has a 52-week low of $73.41 and a 52-week high of $97.27. The stock has a market capitalization of $10.79 billion, a P/E ratio of 21.16, a PEG ratio of 3.97 and a beta of 0.18. The company has a current ratio of 0.55, a quick ratio of 0.36 and a debt-to-equity ratio of 0.92.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $740.53 million during the quarter, compared to the consensus estimate of $718.60 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Pinnacle West Capital Co. will post 4.85 EPS for the current year.

The company 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 $0.7375 dividend. This represents a $2.95 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 64.98%.

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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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