Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 0.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,705,469 shares of the utilities provider's stock after purchasing an additional 5,960 shares during the period. Massachusetts Financial Services Co. MA owned approximately 2.38% of Pinnacle West Capital worth $239,677,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Blue Trust Inc. lifted its holdings in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock worth $28,000 after buying an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital during the 1st quarter worth about $30,000. Venturi Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Pinnacle West Capital during the third quarter worth approximately $43,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Pinnacle West Capital in the second quarter valued at approximately $52,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.69 during midday trading on Friday, hitting $92.93. 1,297,474 shares of the stock were exchanged, compared to its average volume of 1,558,831. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $94.38. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a 50 day moving average price of $89.01 and a 200-day moving average price of $83.91. The stock has a market cap of $10.57 billion, a P/E ratio of 17.60, a PEG ratio of 2.19 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio is 67.80%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays cut 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. Wells Fargo & Company raised 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 report on Thursday, November 7th. Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and an average target price of $81.88.

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.