QRG Capital Management Inc. Has $6.79 Million Stock Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

QRG Capital Management Inc. raised its position in Pinnacle West Capital Corporation (NYSE:PNW) by 1.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 71,292 shares of the utilities provider’s stock after buying an additional 1,171 shares during the period. QRG Capital Management Inc. owned about 0.06% of Pinnacle West Capital worth $6,791,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNW. Brighton Jones LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at about $417,000. Empowered Funds LLC bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $346,000. Van ECK Associates Corp grew its position in shares of Pinnacle West Capital by 8.9% during the 4th quarter. Van ECK Associates Corp now owns 34,242 shares of the utilities provider’s stock worth $2,903,000 after buying an additional 2,802 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Pinnacle West Capital by 26.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,709 shares of the utilities provider’s stock worth $230,000 after buying an additional 561 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Pinnacle West Capital by 125.9% during the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock worth $56,000 after buying an additional 365 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on PNW. Guggenheim reaffirmed a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. UBS Group lifted their price objective on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Morgan Stanley cut their target price on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.00.

Pinnacle West Capital Stock Down 0.1%

Shares of Pinnacle West Capital stock opened at $88.84 on Wednesday. Pinnacle West Capital Corporation has a 1 year low of $74.45 and a 1 year high of $96.50. The business has a 50-day moving average of $91.77 and a two-hundred day moving average of $89.95. The company has a market capitalization of $10.61 billion, a P/E ratio of 17.66, a price-to-earnings-growth ratio of 9.29 and a beta of 0.43. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same quarter last year, the company earned $0.15 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 5th were given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Monday, May 5th. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

About Pinnacle West Capital

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.