Geode Capital Management LLC Lowers Stake in Pinnacle West Capital Co. (NYSE:PNW)

Geode Capital Management LLC lessened its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 6.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,675,510 shares of the utilities provider's stock after selling 177,741 shares during the period. Geode Capital Management LLC owned 2.35% of Pinnacle West Capital worth $236,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in PNW. Wealth Enhancement Advisory Services LLC raised its stake in shares of Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock worth $1,659,000 after acquiring an additional 199 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Pinnacle West Capital by 8.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,365 shares of the utilities provider's stock valued at $410,000 after purchasing an additional 430 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock worth $28,000 after purchasing an additional 291 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Pinnacle West Capital by 0.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,743 shares of the utilities provider's stock worth $2,806,000 after buying an additional 343 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after buying an additional 137 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PNW shares. Citigroup boosted their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. 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 research report on Wednesday, December 4th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price target for the company. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a report on Friday, November 22nd. Finally, Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $84.65.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded down $1.16 on Friday, hitting $87.55. The company had a trading volume of 1,008,616 shares, compared to its average volume of 1,157,588. The firm has a market cap of $9.95 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $95.42. The company has a 50-day moving average price of $89.67 and a 200-day moving average price of $85.54. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 4.09%. Pinnacle West Capital's dividend payout ratio is presently 67.80%.

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.