Pinnacle West Capital Co. (NYSE:PNW) announced a quarterly dividend on Wednesday, June 20th, RTT News reports. Investors of record on Wednesday, August 1st will be given a dividend of 0.695 per share by the utilities provider on Tuesday, September 4th. This represents a $2.78 dividend on an annualized basis and a yield of 3.58%.

Pinnacle West Capital has raised its dividend by an average of 5.0% annually over the last three years and has raised its dividend every year for the last 6 years. Pinnacle West Capital has a payout ratio of 65.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle West Capital to earn $4.71 per share next year, which means the company should continue to be able to cover its $2.78 annual dividend with an expected future payout ratio of 59.0%.

Pinnacle West Capital traded down $0.12, reaching $77.57, on Wednesday, according to MarketBeat. The company had a trading volume of 751,300 shares, compared to its average volume of 907,600. The firm has a market capitalization of $8.55 billion, a P/E ratio of 17.83, a PEG ratio of 3.83 and a beta of 0.28. Pinnacle West Capital has a 52-week low of $73.41 and a 52-week high of $92.48. The company has a current ratio of 0.51, a quick ratio of 0.35 and a debt-to-equity ratio of 0.83.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07). The company had revenue of $692.71 million during the quarter, compared to analysts’ expectations of $680.96 million. Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 earnings per share. sell-side analysts predict that Pinnacle West Capital will post 4.45 EPS for the current fiscal year.

A number of equities research analysts recently commented on the company. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Tuesday. Morgan Stanley lowered their price target on Pinnacle West Capital from $82.00 to $78.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 13th. ValuEngine lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Credit Suisse Group raised Pinnacle West Capital from a “neutral” rating to an “outperform” rating and raised their target price for the company from $85.00 to $87.00 in a research report on Tuesday, May 8th. Finally, Bank of America raised Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 target price for the company in a research report on Friday, May 4th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $83.82.

In other news, EVP Mark A. Schiavoni sold 9,534 shares of the firm’s stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total transaction of $753,376.68. Following the completion of the sale, the executive vice president now directly owns 25,496 shares of the company’s stock, valued at approximately $2,014,693.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.53% of the company’s stock.

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 resources. The company serves approximately 1.2 million homes and businesses.

Dividend History for Pinnacle West Capital (NYSE:PNW)

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