Victory Capital Management Inc. Sells 65,884 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Victory Capital Management Inc. trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 389,900 shares of the utilities provider’s stock after selling 65,884 shares during the quarter. Victory Capital Management Inc. owned 0.34% of Pinnacle West Capital worth $33,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $29,000. Venturi Wealth Management LLC raised its stake in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new position in shares of Pinnacle West Capital in the fourth quarter valued at $38,000. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the third quarter valued at $43,000. Finally, Roble Belko & Company Inc acquired a new position in shares of Pinnacle West Capital in the fourth quarter valued at $42,000. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PNW shares. Morgan Stanley cut their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Guggenheim restated a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Jefferies Financial Group cut their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Finally, Citigroup upped their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $90.15.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $91.91 on Monday. Pinnacle West Capital Co. has a 52-week low of $69.50 and a 52-week high of $95.42. The firm has a market capitalization of $10.95 billion, a P/E ratio of 17.41, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a fifty day moving average price of $87.62 and a two-hundred day moving average price of $88.43.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd were paid a $0.895 dividend. The ex-dividend date was Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 68.58%.

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.