Pinnacle West Capital Co. (NYSE:PNW) Stock Holdings Lowered by abrdn plc

abrdn plc cut its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 79.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,603 shares of the utilities provider's stock after selling 33,460 shares during the quarter. abrdn plc's holdings in Pinnacle West Capital were worth $769,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of 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 during the last quarter. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital in the 1st quarter valued at approximately $30,000. Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the second quarter worth $52,000. First Horizon Advisors Inc. boosted its position in shares of Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after buying an additional 137 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at $82,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of PNW traded up $1.15 during trading hours on Tuesday, reaching $86.86. 702,435 shares of the company traded hands, compared to its average volume of 1,126,324. The stock has a fifty day simple moving average of $88.24 and a 200 day simple moving average of $82.42. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The stock has a market capitalization of $9.87 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital's dividend payout ratio is presently 65.06%.

Analyst Upgrades and Downgrades

PNW has been the subject of several analyst reports. Morgan Stanley boosted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. 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 target price on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $80.79.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of the company's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.23% of the company's stock.

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.