Amalgamated Bank Reduces Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Amalgamated Bank lowered its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 39.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,324 shares of the utilities provider's stock after selling 14,525 shares during the period. Amalgamated Bank's holdings in Pinnacle West Capital were worth $1,978,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after purchasing an additional 137 shares during the last quarter. GAMMA Investing LLC raised its position in Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock worth $102,000 after acquiring an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Pinnacle West Capital by 0.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock valued at $1,659,000 after purchasing an additional 199 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Pinnacle West Capital by 2.2% in the third quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider's stock valued at $832,000 after purchasing an additional 203 shares during the last quarter. Finally, SFE Investment Counsel increased its stake in shares of Pinnacle West Capital by 1.3% during the 2nd quarter. SFE Investment Counsel now owns 18,430 shares of the utilities provider's stock worth $1,408,000 after purchasing an additional 245 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.3 %

Pinnacle West Capital stock traded up $0.30 during midday trading on Wednesday, reaching $91.22. The stock had a trading volume of 1,330,949 shares, compared to its average volume of 1,153,710. The stock has a market capitalization of $10.37 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. 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's 50-day simple moving average is $88.62 and its 200 day simple moving average is $83.15. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $93.12.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio is 67.80%.

Analyst Upgrades and Downgrades

PNW has been the topic of a number of analyst reports. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Wells Fargo & Company lifted their price objective 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. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and a consensus price target of $80.96.

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.