Toronto Dominion Bank Trims Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Toronto Dominion Bank decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 52.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,978 shares of the utilities provider’s stock after selling 24,962 shares during the quarter. Toronto Dominion Bank’s holdings in Pinnacle West Capital were worth $1,717,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new position in Pinnacle West Capital in the first quarter worth approximately $898,000. abrdn plc lifted its position in Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock valued at $4,191,000 after purchasing an additional 31,821 shares in the last quarter. Virtu Financial LLC bought a new stake in Pinnacle West Capital during the fourth quarter valued at about $977,000. Quantbot Technologies LP purchased a new stake in Pinnacle West Capital in the first quarter worth about $1,102,000. Finally, Duality Advisers LP purchased a new stake in Pinnacle West Capital in the fourth quarter worth about $1,422,000. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PNW shares. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. Citigroup assumed coverage on shares of Pinnacle West Capital in a research report on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective on the stock. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Wells Fargo & Company raised their price target on Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Finally, Morgan Stanley dropped their price objective on Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $76.77.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $84.71 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $85.00. The business has a 50 day simple moving average of $77.77 and a two-hundred day simple moving average of $73.88. The stock has a market capitalization of $9.62 billion, a PE ratio of 18.46, a P/E/G ratio of 2.17 and a beta of 0.51.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The firm had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. Pinnacle West Capital’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. On average, research analysts predict that Pinnacle West Capital Co. will post 4.75 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle West Capital’s dividend payout ratio is 76.69%.

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.