Pendal Group Ltd decreased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 24.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,357 shares of the utilities provider’s stock after selling 4,901 shares during the period. Pendal Group Ltd’s holdings in Pinnacle West Capital were worth $1,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Westpac Banking Corp increased its position in Pinnacle West Capital by 37.2% during the second quarter. Westpac Banking Corp now owns 14,169 shares of the utilities provider’s stock worth $1,333,000 after buying an additional 3,845 shares during the period. CWM LLC grew its stake in shares of Pinnacle West Capital by 62.1% in the 2nd quarter. CWM LLC now owns 104,276 shares of the utilities provider’s stock valued at $9,811,000 after purchasing an additional 39,960 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Pinnacle West Capital by 14.8% in the 2nd quarter. Janus Henderson Group PLC now owns 696,046 shares of the utilities provider’s stock valued at $65,490,000 after purchasing an additional 89,616 shares during the last quarter. Signaturefd LLC grew its stake in shares of Pinnacle West Capital by 5.4% in the 2nd quarter. Signaturefd LLC now owns 2,684 shares of the utilities provider’s stock valued at $253,000 after purchasing an additional 138 shares during the last quarter. Finally, Advisor Group Inc. grew its stake in shares of Pinnacle West Capital by 8.5% in the 2nd quarter. Advisor Group Inc. now owns 3,603 shares of the utilities provider’s stock valued at $340,000 after purchasing an additional 283 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Shares of Pinnacle West Capital stock traded up $1.27 during trading on Thursday, reaching $93.07. The company’s stock had a trading volume of 94,409 shares, compared to its average volume of 1,047,932. 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 Co. has a 12-month low of $77.19 and a 12-month high of $99.81. The firm has a market capitalization of $10.31 billion, a P/E ratio of 20.50, a P/E/G ratio of 3.17 and a beta of 0.15. The business’s 50 day simple moving average is $93.44.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 8th. The utilities provider reported $1.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.15). Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.31%. The business had revenue of $869.50 million during the quarter, compared to analysts’ expectations of $973.16 million. During the same quarter last year, the firm earned $1.48 earnings per share. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. Analysts predict that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

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 paid a $0.738 dividend. The ex-dividend date is Wednesday, July 31st. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.74. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.17%. Pinnacle West Capital’s payout ratio is 64.98%.

Several research analysts have weighed in on the company. Williams Capital reiterated a “hold” rating and issued a $97.00 target price (up from $87.00) on shares of Pinnacle West Capital in a research note on Monday. SunTrust Banks lowered their target price on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Morgan Stanley downgraded Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $98.00 to $90.00 in a research note on Wednesday, June 12th. Zacks Investment Research upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 target price on the stock in a research note on Monday, May 20th. Finally, ValuEngine downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $97.17.

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.

Featured Story: Dollar Cost Averaging

Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.