Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 689,945 shares of the utilities provider's stock after selling 37,273 shares during the period. JPMorgan Chase & Co. owned about 0.61% of Pinnacle West Capital worth $61,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. State Street Corp boosted its holdings 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 worth $567,394,000 after buying an additional 56,644 shares during the last quarter. Zimmer Partners LP boosted its holdings in Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock worth $256,882,000 after buying an additional 155,466 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Pinnacle West Capital by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider's stock worth $91,078,000 after buying an additional 5,066 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings 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 acquiring an additional 18,673 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented 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 report on Wednesday, December 4th. Barclays cut shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. Finally, KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $84.65.

Pinnacle West Capital Trading Down 0.1 %

NYSE PNW traded down $0.06 on Friday, reaching $84.25. The stock had a trading volume of 770,095 shares, compared to its average volume of 814,498. 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 stock has a fifty day moving average price of $88.97 and a two-hundred day moving average price of $86.27. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 2.10 and a beta of 0.54.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio is 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.