Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 863,562 shares of the utilities provider's stock after selling 11,549 shares during the period. Franklin Resources Inc. owned approximately 0.76% of Pinnacle West Capital worth $74,724,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after purchasing an additional 137 shares during the period. GAMMA Investing LLC boosted its position in Pinnacle West Capital by 13.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock valued at $102,000 after buying an additional 138 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock valued at $593,000 after acquiring an additional 163 shares in the last quarter. LRI Investments LLC increased its position in shares of Pinnacle West Capital by 7.0% during the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider's stock worth $227,000 after acquiring an additional 163 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in shares of Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock worth $583,000 after acquiring an additional 169 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $0.08 during trading hours on Tuesday, hitting $86.10. The company had a trading volume of 1,229,829 shares, compared to its average volume of 1,158,632. The firm has a market cap of $9.79 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. The business has a fifty day simple moving average of $89.65 and a 200-day simple moving average of $85.60. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.16%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.80%.

Analysts Set New Price Targets

PNW has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective 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. Citigroup lifted 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, December 4th. Barclays downgraded shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $93.00 to $91.00 in a research note 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 for the company in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group assumed coverage on shares of 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. Eight equities research analysts have rated the stock with a hold rating and six 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 $84.65.

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.