Citigroup Inc. Has $8.26 Million Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Citigroup Inc. lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 10.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 93,177 shares of the utilities provider's stock after selling 10,923 shares during the quarter. Citigroup Inc. owned approximately 0.08% of Pinnacle West Capital worth $8,255,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider's stock worth $88,596,000 after buying an additional 44,029 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider's stock worth $91,078,000 after buying an additional 5,066 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in Pinnacle West Capital by 2.0% in the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock valued at $86,230,000 after buying an additional 18,673 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider's stock valued at $64,550,000 after acquiring an additional 200,816 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.9 %

Shares of Pinnacle West Capital stock traded down $0.82 on Friday, reaching $93.70. 507,868 shares of the company were exchanged, compared to its average volume of 1,164,630. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 2.24 and a beta of 0.52. The company has a 50-day moving average of $89.38 and a 200 day moving average of $84.50. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital's payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PNW. Barclays cut Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company upped their price target on 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. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of 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, 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 report on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average target price of $81.88.

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.