Jacobs Levy Equity Management Inc. Has $47.97 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

Jacobs Levy Equity Management Inc. grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 5.1% in the first quarter, HoldingsChannel.com reports. The fund owned 641,865 shares of the utilities provider’s stock after acquiring an additional 31,183 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Pinnacle West Capital were worth $47,967,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PNW. Capital Research Global Investors grew its stake in Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after acquiring an additional 6,344,121 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 72.7% during the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after purchasing an additional 2,828,450 shares in the last quarter. Norges Bank acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at approximately $112,914,000. Victory Capital Management Inc. increased its stake in Pinnacle West Capital by 1,267.8% during the 4th quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider’s stock worth $22,404,000 after purchasing an additional 289,061 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $12,824,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of research analyst reports. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Barclays cut their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Citigroup began coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus target price of $76.77.

Pinnacle West Capital Stock Up 0.3 %

Shares of NYSE:PNW traded up $0.26 during trading on Tuesday, hitting $85.45. 922,785 shares of the company were exchanged, compared to its average volume of 1,163,549. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $85.86. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average price of $77.91 and a two-hundred day moving average price of $73.99. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 2.17 and a beta of 0.51.

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

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 1st will be paid a $0.88 dividend. The ex-dividend date is Thursday, August 1st. This represents a $3.52 annualized dividend and a yield of 4.12%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 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.