Allspring Global Investments Holdings LLC Cuts Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Allspring Global Investments Holdings LLC lessened its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,063 shares of the utilities provider's stock after selling 11,714 shares during the period. Allspring Global Investments Holdings LLC owned 0.08% of Pinnacle West Capital worth $7,340,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. increased its stake in shares of Pinnacle West Capital by 221.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock valued at $57,413,000 after buying an additional 466,736 shares during the period. Jennison Associates LLC acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at about $32,078,000. International Assets Investment Management LLC increased its stake in shares of Pinnacle West Capital by 152,118.2% in the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider's stock valued at $22,925,000 after buying an additional 258,601 shares during the period. Yaupon Capital Management LP bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at about $22,173,000. Finally, Zimmer Partners LP boosted its position in shares of Pinnacle West Capital by 5.7% during 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 in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, January 28th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Finally, Morgan Stanley cut 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. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $85.21.

Pinnacle West Capital Stock Up 0.9 %

Shares of Pinnacle West Capital stock traded up $0.85 on Friday, hitting $91.62. The company had a trading volume of 1,148,608 shares, compared to its average volume of 888,931. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 3.59 and a beta of 0.57. Pinnacle West Capital Co. has a 1 year low of $66.77 and a 1 year high of $95.42. The stock has a 50 day moving average of $86.26 and a 200-day moving average of $88.00. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.80%.

Pinnacle West Capital 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.