Connor Clark & Lunn Investment Management Ltd. Sells 9,731 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Connor Clark & Lunn Investment Management Ltd. lessened its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 20.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,430 shares of the utilities provider's stock after selling 9,731 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Pinnacle West Capital were worth $3,405,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC grew its position 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 buying an additional 1,379,368 shares in the last quarter. Zimmer Partners LP acquired a new stake in Pinnacle West Capital during the first quarter worth $198,409,000. Bank of New York Mellon Corp increased its holdings in Pinnacle West Capital by 3.9% in 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 during the period. Empower Advisory Group LLC raised its stake in shares of Pinnacle West Capital by 2.0% in the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock valued at $86,230,000 after buying an additional 18,673 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Pinnacle West Capital by 31.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider's stock valued at $64,550,000 after acquiring an additional 200,816 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.1 %

NYSE:PNW traded down $0.08 during trading hours on Monday, hitting $92.85. The stock had a trading volume of 1,189,561 shares, compared to its average volume of 1,167,988. The business's 50 day moving average is $89.01 and its 200-day moving average is $84.01. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 17.60, a P/E/G ratio of 2.26 and a beta of 0.52. Pinnacle West Capital Co. has a one year low of $65.20 and a one year 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 dividend of $0.895 per share. The ex-dividend date is 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 3.86%. Pinnacle West Capital's payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

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

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.