Quantbot Technologies LP Lowers Position in Pinnacle West Capital Co. (NYSE:PNW)

Quantbot Technologies LP trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 30.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,730 shares of the utilities provider's stock after selling 19,233 shares during the quarter. Quantbot Technologies LP's holdings in Pinnacle West Capital were worth $3,874,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in 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 during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at about $30,000. Venturi Wealth Management LLC raised its position in shares of Pinnacle West Capital by 124.6% during the third 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 last quarter. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the third quarter worth approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital in the second quarter valued at approximately $52,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Up 0.8 %

Shares of NYSE PNW traded up $0.72 during midday trading on Wednesday, hitting $94.52. 1,180,506 shares of the stock traded hands, compared to its average volume of 1,167,486. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The business has a 50 day moving average price of $89.11 and a two-hundred day moving average price of $84.24. The company has a market cap of $10.75 billion, a PE ratio of 17.77, a P/E/G ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm 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 boost from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital's dividend payout ratio (DPR) is currently 67.80%.

Analyst Ratings Changes

PNW has been the subject of several analyst reports. Wells Fargo & Company raised 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. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective on the stock. Finally, Morgan Stanley cut their target price 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $81.88.

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.