Jacobs Levy Equity Management Inc. Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Jacobs Levy Equity Management Inc. lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 9.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 634,280 shares of the utilities provider's stock after selling 68,537 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.56% of Pinnacle West Capital worth $56,191,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HITE Hedge Asset Management LLC boosted its stake in shares of Pinnacle West Capital by 261.2% during the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider's stock valued at $8,178,000 after purchasing an additional 66,755 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Pinnacle West Capital by 12.6% during the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider's stock valued at $15,559,000 after purchasing an additional 22,696 shares in the last quarter. Entropy Technologies LP boosted its stake in shares of Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider's stock valued at $2,686,000 after purchasing an additional 19,089 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Pinnacle West Capital by 101.3% during the second quarter. Fifth Third Bancorp now owns 5,837 shares of the utilities provider's stock valued at $446,000 after purchasing an additional 2,937 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its stake in shares of Pinnacle West Capital by 2.0% during the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock valued at $86,230,000 after purchasing an additional 18,673 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.9 %

Pinnacle West Capital stock traded up $0.81 during trading on Wednesday, hitting $92.09. 1,270,884 shares of the company were exchanged, compared to its average volume of 1,163,420. The business's 50 day moving average is $89.53 and its 200 day moving average is $84.84. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The company has a market capitalization of $10.47 billion, a P/E ratio of 17.44, a PEG ratio of 2.19 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were given a $0.895 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 3.89%. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price target on the stock. Morgan Stanley cut 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. Wells Fargo & Company lifted their price objective on 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. Citigroup lifted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday. Finally, KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective on the stock in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $84.65.

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.