Pinnacle West Capital Co. (NYSE:PNW) Plans Quarterly Dividend of $0.88

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Investors of record on Wednesday, May 1st will be given a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date is Tuesday, April 30th.

Pinnacle West Capital has increased its dividend by an average of 3.0% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Pinnacle West Capital has a dividend payout ratio of 71.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pinnacle West Capital to earn $4.99 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 70.5%.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $73.69 on Monday. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 2.08 and a beta of 0.49. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $86.03. The firm’s fifty day moving average price is $71.88 and its 200 day moving average price is $72.11. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Analyst Ratings Changes

PNW has been the topic of several research analyst reports. Mizuho decreased their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. LADENBURG THALM/SH SH assumed coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price objective on the stock. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Finally, StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus target price of $73.00.

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.