Mirae Asset Global Investments Co. Ltd. Buys 3,758 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mirae Asset Global Investments Co. Ltd. grew its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 47.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,716 shares of the utilities provider's stock after purchasing an additional 3,758 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Pinnacle West Capital were worth $995,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Venturi Wealth Management LLC increased its stake 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 worth $38,000 after acquiring an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. bought a new position in shares of Pinnacle West Capital in the 4th quarter worth about $38,000. Prospera Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the 3rd quarter worth about $43,000. Roble Belko & Company Inc bought a new position in shares of Pinnacle West Capital in the 4th quarter worth about $42,000. Finally, Kennebec Savings Bank bought a new position in shares of Pinnacle West Capital in the 3rd quarter worth about $64,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW traded up $0.02 on Friday, reaching $89.37. The company's stock had a trading volume of 1,003,110 shares, compared to its average volume of 986,817. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a market capitalization of $10.16 billion, a P/E ratio of 16.93, a PEG ratio of 3.47 and a beta of 0.57. The stock's 50 day simple moving average is $86.14 and its two-hundred day simple moving average is $87.86. Pinnacle West Capital Co. has a 12-month low of $66.77 and a 12-month high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio is 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the subject of several research reports. Citigroup increased their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Barclays lowered shares of 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. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective for the company in a research note on Wednesday, December 4th. Finally, Morgan Stanley reduced their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and a consensus price target of $85.21.

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.