Bank of Montreal Can Increases Position in Pinnacle West Capital Co. (NYSE:PNW)

Bank of Montreal Can grew its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 21.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 247,548 shares of the utilities provider's stock after buying an additional 44,158 shares during the period. Bank of Montreal Can owned approximately 0.22% of Pinnacle West Capital worth $21,851,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PNW. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock worth $533,562,000 after acquiring an additional 1,379,368 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider's stock valued at $88,596,000 after purchasing an additional 44,029 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Pinnacle West Capital by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider's stock valued at $91,078,000 after buying an additional 5,066 shares during the period. Empower Advisory Group LLC lifted its position in Pinnacle West Capital by 2.0% in the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock worth $86,230,000 after buying an additional 18,673 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Pinnacle West Capital by 31.2% during the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider's stock worth $64,550,000 after buying an additional 200,816 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNW. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. 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 on the stock. Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday, November 22nd. Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, StockNews.com raised Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $81.88.

Pinnacle West Capital Stock Down 0.9 %

NYSE PNW traded down $0.82 on Friday, reaching $93.70. 507,868 shares of the stock traded hands, compared to its average volume of 1,164,630. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42. The company has a market cap of $10.65 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.24 and a beta of 0.52. The company has a fifty day moving average price of $89.38 and a 200-day moving average price of $84.55. 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital's payout ratio is presently 67.80%.

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.