Sumitomo Mitsui Trust Group Inc. Has $331,000 Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 89.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,739 shares of the utilities provider's stock after selling 33,004 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Pinnacle West Capital were worth $331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital in the first quarter valued at about $30,000. Venturi Wealth Management LLC lifted its holdings in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Pinnacle West Capital in the second quarter valued at about $52,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PNW shares. Morgan Stanley boosted their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a report on Wednesday, September 25th. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Wells Fargo & Company upped their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $93.00 to $91.00 in a report on Monday. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $82.04.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $1.48 on Thursday, hitting $93.27. The stock had a trading volume of 515,244 shares, compared to its average volume of 1,164,847. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $93.31. The business's 50 day moving average is $88.88 and its two-hundred day moving average is $83.72. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a market cap of $10.60 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.84%. Pinnacle West Capital's payout ratio is currently 67.80%.

Pinnacle West Capital Company 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.