Banco Santander S.A. Invests $6.61 Million in Pinnacle West Capital Co. (NYSE:PNW)

Banco Santander S.A. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 78,028 shares of the utilities provider’s stock, valued at approximately $6,614,000. Banco Santander S.A. owned approximately 0.07% of Pinnacle West Capital as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNW. Assenagon Asset Management S.A. grew its stake in Pinnacle West Capital by 221.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after acquiring an additional 466,736 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $32,078,000. Reaves W H & Co. Inc. increased its holdings in shares of Pinnacle West Capital by 35.2% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock worth $117,891,000 after buying an additional 362,083 shares during the last quarter. Yaupon Capital Management LP acquired a new stake in Pinnacle West Capital during the third quarter worth $22,173,000. Finally, Zimmer Partners LP lifted its stake in shares of Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after purchasing an additional 155,466 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNW. Jefferies Financial Group lowered their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Citigroup boosted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Morgan Stanley lowered their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Finally, Guggenheim restated a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $90.15.

Pinnacle West Capital Trading Up 1.3 %

Shares of NYSE PNW opened at $91.91 on Friday. Pinnacle West Capital Co. has a 52 week low of $69.50 and a 52 week high of $95.42. The business has a 50 day simple moving average of $87.62 and a 200 day simple moving average of $88.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. On average, research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date was Monday, February 3rd. Pinnacle West Capital’s payout ratio is 68.58%.

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.