CWA Asset Management Group LLC Invests $1.17 Million in Pinnacle West Capital Co. (NYSE:PNW)

CWA Asset Management Group LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 13,183 shares of the utilities provider's stock, valued at approximately $1,168,000.

Several other large investors also recently made changes to their positions in PNW. Capital Research Global Investors boosted its holdings in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock worth $960,425,000 after buying an additional 6,344,121 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in 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 worth $533,562,000 after acquiring an additional 1,379,368 shares during the period. Lazard Asset Management LLC raised its holdings in Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock worth $502,139,000 after acquiring an additional 2,828,450 shares during the period. Zimmer Partners LP bought a new position in Pinnacle West Capital in the 1st quarter worth $198,409,000. Finally, Bank of New York Mellon Corp raised 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 worth $88,596,000 after acquiring an additional 44,029 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.42 during mid-day trading on Monday, reaching $92.23. 756,752 shares of the company were exchanged, compared to its average volume of 1,144,853. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $93.12. The company has a fifty day moving average of $88.43 and a 200 day moving average of $82.84. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The stock has a market cap of $10.49 billion, a PE ratio of 17.63, a PEG ratio of 2.24 and a beta of 0.52.

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 given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 3.88%. Pinnacle West Capital's dividend payout ratio is presently 67.80%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a research report on Thursday. 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 report 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 target on the stock. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $80.96.

About Pinnacle West Capital

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.