Perpetual Ltd Sells 42,180 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Perpetual Ltd trimmed its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 9.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 402,344 shares of the utilities provider's stock after selling 42,180 shares during the quarter. Perpetual Ltd owned approximately 0.35% of Pinnacle West Capital worth $34,107,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNW. Venturi Wealth Management LLC increased its holdings in Pinnacle West Capital by 124.6% during 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 during the period. Roble Belko & Company Inc bought a new position in shares of Pinnacle West Capital in the fourth quarter worth $42,000. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter worth $43,000. Kennebec Savings Bank bought a new stake in Pinnacle West Capital during the third quarter valued at $64,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in Pinnacle West Capital by 27.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 899 shares of the utilities provider's stock worth $76,000 after buying an additional 192 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Trading Up 1.5 %

PNW traded up $1.33 on Tuesday, hitting $87.97. 1,059,190 shares of the company were exchanged, compared to its average volume of 1,060,733. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The firm has a fifty day simple moving average of $88.02 and a two-hundred day simple moving average of $87.09. The stock has a market capitalization of $10.00 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 3.43 and a beta of 0.56. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42.

Pinnacle West Capital Announces Dividend

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 $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio is 67.80%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNW. KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Morgan Stanley lowered their target price on shares of 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 increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Citigroup raised their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Finally, Barclays cut 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 note on Monday, November 18th. Eight 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, Pinnacle West Capital presently has a consensus rating of "Hold" and an average price target 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.