Cerity Partners LLC Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Cerity Partners LLC cut its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 60.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,550 shares of the utilities provider's stock after selling 13,238 shares during the quarter. Cerity Partners LLC's holdings in Pinnacle West Capital were worth $757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. Bank of New York Mellon Corp raised 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 buying an additional 44,029 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 worth $91,078,000 after acquiring an additional 5,066 shares during the last quarter. Empower Advisory Group LLC grew 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 acquiring an additional 18,673 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted 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 purchasing an additional 200,816 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.9 %

NYSE PNW traded down $0.86 during trading on Friday, hitting $91.59. The company had a trading volume of 746,651 shares, compared to its average volume of 1,160,501. The company's fifty day moving average is $89.61 and its 200-day moving average is $84.90. The company has a market cap of $10.41 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 2.16 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were issued a $0.895 dividend. The ex-dividend date was Monday, November 4th. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.91%. Pinnacle West Capital's dividend payout ratio (DPR) is 67.80%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. KeyCorp raised shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a report on Wednesday. Citigroup boosted their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday. Jefferies Financial Group began coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 price target on the stock. Finally, Morgan Stanley dropped their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $84.65.

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.