Franklin Resources Inc. Buys 19,420 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Franklin Resources Inc. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 1.4% in the 4th quarter, HoldingsChannel reports. The fund owned 1,428,914 shares of the utilities provider’s stock after purchasing an additional 19,420 shares during the quarter. Franklin Resources Inc.’s holdings in Pinnacle West Capital were worth $108,655,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PNW. State Street Corp raised its position in shares of Pinnacle West Capital by 18.4% in the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock worth $539,808,000 after acquiring an additional 1,072,235 shares in the last quarter. Invesco Ltd. grew its stake in Pinnacle West Capital by 29.6% during the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after buying an additional 808,207 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Pinnacle West Capital by 34.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,497,267 shares of the utilities provider’s stock worth $96,589,000 after buying an additional 387,701 shares during the last quarter. Vanguard Group Inc. grew its stake in Pinnacle West Capital by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after buying an additional 241,019 shares during the last quarter. Finally, Baird Financial Group Inc. grew its stake in Pinnacle West Capital by 158.9% during the 3rd quarter. Baird Financial Group Inc. now owns 365,750 shares of the utilities provider’s stock worth $23,595,000 after buying an additional 224,493 shares during the last quarter. 85.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Credit Suisse Group upgraded Pinnacle West Capital from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $77.00 to $80.00 in a research note on Tuesday, March 14th. Mizuho boosted their target price on Pinnacle West Capital from $74.00 to $81.00 in a research note on Thursday, May 11th. Morgan Stanley boosted their target price on Pinnacle West Capital from $71.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 20th. Bank of America upgraded Pinnacle West Capital from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $78.00 in a research note on Friday. Finally, StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, May 20th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.82.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $76.39 on Friday. The company has a market capitalization of $8.65 billion, a P/E ratio of 18.68, a P/E/G ratio of 3.53 and a beta of 0.46. The business’s 50 day moving average is $78.99 and its two-hundred day moving average is $76.64. The company has a current ratio of 1.01, a quick ratio of 0.74 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 12-month low of $59.03 and a 12-month high of $81.63.

Pinnacle West Capital (NYSE:PNW – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The utilities provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The business had revenue of $944.60 million for the quarter, compared to analysts’ expectations of $808.33 million. Pinnacle West Capital had a return on equity of 7.50% and a net margin of 10.33%. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. Analysts expect that Pinnacle West Capital Co. will post 4.04 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Monday, May 1st will be given a $0.865 dividend. The ex-dividend date is Friday, April 28th. This represents a $3.46 annualized dividend and a dividend yield of 4.53%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 84.60%.

Pinnacle West Capital Profile

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.