Bank of America Corp. upgraded shares of Pinnacle West Capital Corp. (NYSE:PNW) from an underperform rating to a neutral rating in a report released on Tuesday.

Other equities research analysts have also recently issued research reports about the company. Williams Capital upgraded Pinnacle West Capital Corp. from a hold rating to a buy rating and set a $79.00 target price on the stock in a research note on Monday, October 10th. Zacks Investment Research upgraded Pinnacle West Capital Corp. from a hold rating to a buy rating and set a $84.00 target price on the stock in a research note on Tuesday, October 4th. SunTrust Banks Inc. boosted their target price on Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the company a neutral rating in a research note on Monday, September 26th. Finally, Mizuho upped their price objective on Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the stock a neutral rating in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $72.78.

Analyst Recommendations for Pinnacle West Capital Corp. (NYSE:PNW)

Pinnacle West Capital Corp. (NYSE:PNW) traded down 1.00% during trading on Tuesday, hitting $74.31. 154,491 shares of the company were exchanged. The company has a 50-day moving average of $74.15 and a 200-day moving average of $76.18. Pinnacle West Capital Corp. has a 12 month low of $60.70 and a 12 month high of $82.78. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 19.34 and a beta of 0.28.

Pinnacle West Capital Corp. (NYSE:PNW) last released its earnings results on Thursday, November 3rd. The company reported $2.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.41 by $0.06. The firm earned $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital Corp. had a net margin of 12.30% and a return on equity of 8.97%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.30 EPS. Analysts forecast that Pinnacle West Capital Corp. will post $3.96 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 1st will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, October 28th. This represents a $0.48 dividend on an annualized basis and a yield of 0.64%. Pinnacle West Capital Corp.’s dividend payout ratio (DPR) is currently 68.23%.

In related news, VP John S. Hatfield sold 4,523 shares of Pinnacle West Capital Corp. stock in a transaction on Monday, September 12th. The stock was sold at an average price of $75.27, for a total transaction of $340,446.21. Following the sale, the vice president now directly owns 2,265 shares in the company, valued at $170,486.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of the company. Duff & Phelps Investment Management Co. raised its stake in shares of Pinnacle West Capital Corp. by 789.7% in the second quarter. Duff & Phelps Investment Management Co. now owns 1,000,000 shares of the company’s stock valued at $81,060,000 after buying an additional 887,600 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Pinnacle West Capital Corp. during the second quarter valued at about $15,002,000. IBM Retirement Fund raised its stake in shares of Pinnacle West Capital Corp. by 19.1% in the second quarter. IBM Retirement Fund now owns 13,130 shares of the company’s stock valued at $1,111,000 after buying an additional 2,103 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in shares of Pinnacle West Capital Corp. by 1.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 95,142 shares of the company’s stock valued at $7,712,000 after buying an additional 1,279 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Pinnacle West Capital Corp. by 10.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 355,848 shares of the company’s stock valued at $28,845,000 after buying an additional 34,821 shares during the last quarter. Institutional investors and hedge funds own 82.25% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Pinnacle West Capital Corp. (PNW) Upgraded by Bank of America Corp. to “Neutral”” was reported by The Cerbat Gem and is the propert of of The Cerbat Gem. If you are viewing this report on another domain, it was copied illegally and republished in violation of international trademark and copyright laws. The original version of this report can be viewed at https://www.thecerbatgem.com/2016/11/23/pinnacle-west-capital-corp-pnw-upgraded-by-bank-of-america-corp-to-neutral.html.

About Pinnacle West Capital Corp.

Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

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