Kovitz Investment Group Partners LLC Buys 10,493 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Kovitz Investment Group Partners LLC lifted its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 10.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,309 shares of the utilities provider's stock after purchasing an additional 10,493 shares during the quarter. Kovitz Investment Group Partners LLC owned 0.10% of Pinnacle West Capital worth $9,863,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PNW. Tidal Investments LLC bought a new position in Pinnacle West Capital during the first quarter worth about $295,000. Cetera Investment Advisers increased its stake in Pinnacle West Capital by 177.0% during the 1st quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider's stock worth $2,174,000 after purchasing an additional 18,589 shares in the last quarter. Cetera Advisors LLC bought a new stake in Pinnacle West Capital during the 1st quarter worth approximately $569,000. SG Americas Securities LLC raised its holdings in Pinnacle West Capital by 42.0% during the 2nd quarter. SG Americas Securities LLC now owns 26,308 shares of the utilities provider's stock worth $2,009,000 after buying an additional 7,784 shares during the period. Finally, Czech National Bank lifted its stake in Pinnacle West Capital by 8.5% in the second quarter. Czech National Bank now owns 21,639 shares of the utilities provider's stock valued at $1,653,000 after buying an additional 1,690 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Ratings Changes

PNW has been the subject of several research reports. KeyCorp raised 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 report on Wednesday. Morgan Stanley dropped their price target on 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. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Finally, Citigroup boosted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and an average target price of $84.65.

Pinnacle West Capital Stock Performance

NYSE PNW traded down $0.86 on Friday, hitting $91.59. 746,651 shares of the stock were exchanged, compared to its average volume of 1,368,260. The company has a market capitalization of $10.41 billion, a PE ratio of 17.35, a P/E/G ratio of 2.18 and a beta of 0.54. 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 business's fifty day moving average is $89.68 and its 200 day moving average is $85.04. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were paid a $0.895 dividend. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.91%. The ex-dividend date was Monday, November 4th. Pinnacle West Capital's dividend payout ratio (DPR) 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.