Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 31.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,857 shares of the utilities provider's stock after selling 9,559 shares during the quarter. Advisors Asset Management Inc.'s holdings in Pinnacle West Capital were worth $1,848,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the 3rd quarter worth about $43,000. PNC Financial Services Group Inc. increased its stake in Pinnacle West Capital by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider's stock worth $5,824,000 after purchasing an additional 2,433 shares during the period. Verity & Verity LLC lifted its position in shares of Pinnacle West Capital by 0.4% during the third quarter. Verity & Verity LLC now owns 90,286 shares of the utilities provider's stock worth $7,998,000 after purchasing an additional 354 shares in the last quarter. Quest Partners LLC purchased a new stake in Pinnacle West Capital during the 3rd quarter worth approximately $2,532,000. Finally, Natixis Advisors LLC grew its stake in shares of Pinnacle West Capital by 1.5% in the third quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider's stock worth $2,057,000 after acquiring an additional 342 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

PNW traded down $0.08 during trading on Monday, reaching $92.85. The company's stock had a trading volume of 1,189,561 shares, compared to its average volume of 1,167,988. The company has a market capitalization of $10.56 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.26 and a beta of 0.52. The company's fifty day moving average price is $89.01 and its 200-day moving average price is $84.01. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $94.38. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.86%. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio (DPR) is 67.80%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price target on the stock. Barclays cut Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $81.88.

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.