Pinnacle West Capital Co. (NYSE:PNW) to Issue Quarterly Dividend of $0.88

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Shareholders of record on Wednesday, May 1st will be given a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 annualized dividend and a yield of 4.89%.

Pinnacle West Capital has raised its dividend by an average of 3.0% per year over the last three years and has raised its dividend every year for the last 12 years. Pinnacle West Capital has a payout ratio of 71.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Pinnacle West Capital to earn $5.02 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 70.1%.

Pinnacle West Capital Stock Performance

PNW stock traded up $0.76 during trading hours on Wednesday, hitting $71.97. 801,883 shares of the stock were exchanged, compared to its average volume of 1,385,923. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $8.17 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.02 and a beta of 0.49. The company has a 50-day simple moving average of $70.83 and a two-hundred day simple moving average of $72.04. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $86.03.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PNW shares. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Mizuho decreased their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Wells Fargo & Company decreased their price target on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, January 26th. Royal Bank of Canada decreased their price target on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Finally, Barclays raised their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $73.00.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds have recently added to or reduced their stakes in PNW. Pacific Center for Financial Services bought a new stake in Pinnacle West Capital in the first quarter worth approximately $40,000. Retirement Group LLC increased its holdings in shares of Pinnacle West Capital by 200.0% during the fourth quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 400 shares in the last quarter. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 51.5% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 771 shares of the utilities provider’s stock valued at $55,000 after acquiring an additional 262 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Pinnacle West Capital by 235.5% during the first quarter. Parkside Financial Bank & Trust now owns 718 shares of the utilities provider’s stock valued at $56,000 after acquiring an additional 504 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Pinnacle West Capital by 57.3% during the first quarter. Harbour Investments Inc. now owns 752 shares of the utilities provider’s stock valued at $60,000 after acquiring an additional 274 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.