Atomi Financial Group Inc. Invests $368,000 in Pinnacle West Capital Co. (NYSE:PNW)

Atomi Financial Group Inc. acquired a new position in Pinnacle West Capital Co. (NYSE:PNW) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,919 shares of the utilities provider’s stock, valued at approximately $368,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors increased its position in shares of Pinnacle West Capital by 116.8% during the fourth quarter. Capital Research Global Investors now owns 6,507,809 shares of the utilities provider’s stock valued at $467,521,000 after acquiring an additional 3,506,181 shares during the last quarter. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the fourth quarter valued at approximately $112,914,000. First Trust Advisors LP increased its position in shares of Pinnacle West Capital by 2.5% during the fourth quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock valued at $86,625,000 after acquiring an additional 29,767 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Pinnacle West Capital by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 991,371 shares of the utilities provider’s stock valued at $71,220,000 after acquiring an additional 28,178 shares during the last quarter. Finally, Reaves W H & Co. Inc. increased its position in shares of Pinnacle West Capital by 19.0% during the first quarter. Reaves W H & Co. Inc. now owns 969,176 shares of the utilities provider’s stock valued at $72,426,000 after acquiring an additional 154,867 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PNW. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, July 9th. Barclays decreased their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Citigroup started coverage on Pinnacle West Capital in a research report on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $74.00 to $83.50 in a research report on Thursday, June 6th. Finally, Morgan Stanley decreased their target price on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $75.46.

Pinnacle West Capital Trading Down 0.6 %

Shares of PNW traded down $0.50 during trading hours on Monday, hitting $79.75. The company had a trading volume of 404,421 shares, compared to its average volume of 1,189,310. The firm has a market cap of $9.06 billion, a P/E ratio of 17.34, a P/E/G ratio of 2.05 and a beta of 0.51. The stock’s 50 day moving average price is $76.73 and its 200 day moving average price is $73.25. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The firm had revenue of $951.71 million for the quarter, compared to the consensus estimate of $981.82 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts predict that Pinnacle West Capital Co. will post 4.76 EPS for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $3.52 dividend on an annualized basis and a yield of 4.41%. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Pinnacle West Capital Company 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.