Lazard Asset Management LLC Has $12.62 Million Position in Pinnacle West Capital Corporation (PNW)

Lazard Asset Management LLC raised its position in Pinnacle West Capital Corporation (NYSE:PNW) by 0.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 151,331 shares of the utilities provider’s stock after buying an additional 385 shares during the period. Lazard Asset Management LLC’s holdings in Pinnacle West Capital Corporation were worth $12,617,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PNW. Vanguard Group Inc. raised its stake in Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock valued at $940,311,000 after buying an additional 398,486 shares during the last quarter. AQR Capital Management LLC raised its stake in Pinnacle West Capital Corporation by 6.4% in the fourth quarter. AQR Capital Management LLC now owns 3,642,770 shares of the utilities provider’s stock valued at $284,246,000 after buying an additional 217,599 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Pinnacle West Capital Corporation by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock valued at $219,732,000 after buying an additional 297,131 shares during the last quarter. Wellington Management Group LLP raised its stake in Pinnacle West Capital Corporation by 9.3% in the first quarter. Wellington Management Group LLP now owns 1,373,797 shares of the utilities provider’s stock valued at $114,549,000 after buying an additional 116,645 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Pinnacle West Capital Corporation by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 1,201,685 shares of the utilities provider’s stock valued at $100,197,000 after buying an additional 28,436 shares during the last quarter. 84.45% of the stock is owned by institutional investors.

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

Shares of Pinnacle West Capital Corporation (PNW) traded up 0.35% during midday trading on Friday, hitting $88.95. 611,877 shares of the stock were exchanged. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 21.61 and a beta of 0.38. The firm has a 50 day moving average of $86.17 and a 200-day moving average of $81.52. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $89.56.

Pinnacle West Capital Corporation (NYSE:PNW) last released its earnings results on Tuesday, May 2nd. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.06. The business had revenue of $677.73 million for the quarter, compared to analyst estimates of $704.09 million. Pinnacle West Capital Corporation had a return on equity of 9.40% and a net margin of 13.17%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. Equities analysts expect that Pinnacle West Capital Corporation will post $4.25 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 1st were issued a dividend of $0.655 per share. This represents a $2.62 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Thursday, April 27th. Pinnacle West Capital Corporation’s dividend payout ratio is presently 63.75%.

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Several research firms have commented on PNW. Morgan Stanley decreased their price target on shares of Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research report on Monday, May 8th. BMO Capital Markets restated a “hold” rating and set a $86.00 price objective on shares of Pinnacle West Capital Corporation in a report on Wednesday, May 17th. Williams Capital downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating and set a $79.00 price objective on the stock. in a report on Tuesday, March 7th. Zacks Investment Research downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, March 8th. Finally, Mizuho upped their price objective on shares of Pinnacle West Capital Corporation from $78.00 to $81.00 and gave the company a “neutral” rating in a report on Monday, February 27th. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $79.38.

In related news, VP John S. Hatfield sold 2,265 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $84.63, for a total transaction of $191,686.95. Following the transaction, the vice president now owns 2,145 shares of the company’s stock, valued at $181,531.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James R. Hatfield sold 10,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $84.35, for a total value of $843,500.00. The disclosure for this sale can be found here. Insiders have sold 70,875 shares of company stock worth $6,003,922 in the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Corporation Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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