Empower Advisory Group LLC Reduces Position in Pinnacle West Capital Co. (NYSE:PNW)

Empower Advisory Group LLC lessened its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 10.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 873,164 shares of the utilities provider's stock after selling 100,193 shares during the period. Empower Advisory Group LLC owned approximately 0.77% of Pinnacle West Capital worth $74,018,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp grew its position in Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock valued at $567,394,000 after purchasing an additional 56,644 shares during the period. Zimmer Partners LP lifted its stake in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock valued at $256,882,000 after buying an additional 155,466 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Pinnacle West Capital by 0.5% during the third 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 last quarter. Captrust Financial Advisors grew its holdings in shares of Pinnacle West Capital by 1.6% during the third quarter. Captrust Financial Advisors now owns 732,031 shares of the utilities provider's stock valued at $64,851,000 after buying an additional 11,208 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock worth $57,413,000 after acquiring an additional 466,736 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

PNW traded up $0.85 during trading on Friday, hitting $91.62. 1,148,608 shares of the company traded hands, compared to its average volume of 1,001,453. Pinnacle West Capital Co. has a one year low of $66.77 and a one year high of $95.42. The stock's fifty day moving average is $86.26 and its 200 day moving average is $87.98. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The firm has a market cap of $10.42 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 3.58 and a beta of 0.57.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 3.91%. Pinnacle West Capital's payout ratio is currently 67.80%.

Analyst Ratings Changes

Several brokerages recently weighed in on PNW. Barclays cut shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Citigroup raised their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target for the company in a report on Wednesday, December 4th. Morgan Stanley dropped their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $85.21.

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.