ING Groep NV Makes New $12.07 Million Investment in Pinnacle West Capital Co. (NYSE:PNW)

ING Groep NV bought a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 136,187 shares of the utilities provider's stock, valued at approximately $12,065,000. ING Groep NV owned approximately 0.12% of Pinnacle West Capital at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Capital Research Global Investors boosted its stake in Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock valued at $960,425,000 after acquiring an additional 6,344,121 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after acquiring an additional 2,828,450 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Pinnacle West Capital in the 1st quarter valued at approximately $198,409,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake 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 purchasing an additional 1,379,368 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Pinnacle West Capital by 152,118.2% during the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider's stock worth $22,925,000 after purchasing an additional 258,601 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PNW has been the topic of a number of research analyst reports. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective on the stock. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $80.96.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded up $1.02 during trading on Friday, reaching $91.88. The stock had a trading volume of 3,450,212 shares, compared to its average volume of 1,163,928. The business has a fifty day moving average price of $88.67 and a 200-day moving average price of $83.20. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $93.12. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market cap of $10.45 billion, a PE ratio of 17.40, a PEG ratio of 2.13 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. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.90%. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital's dividend payout ratio is 67.80%.

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.