Verity & Verity LLC Sells 84,960 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Verity & Verity LLC decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 94.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,326 shares of the utilities provider's stock after selling 84,960 shares during the period. Verity & Verity LLC's holdings in Pinnacle West Capital were worth $451,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PNW. Venturi Wealth Management LLC grew its stake 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 worth $38,000 after acquiring an additional 238 shares during the last quarter. Roble Belko & Company Inc bought a new position in Pinnacle West Capital in the 4th quarter worth about $42,000. Prospera Private Wealth LLC purchased a new stake in Pinnacle West Capital during the 3rd quarter valued at about $43,000. Kennebec Savings Bank bought a new stake in Pinnacle West Capital during the 3rd quarter valued at about $64,000. Finally, Blue Trust Inc. raised its holdings in Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider's stock worth $96,000 after buying an additional 712 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $0.31 during trading hours on Friday, hitting $86.75. 751,159 shares of the company's stock traded hands, compared to its average volume of 876,606. 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 Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The firm has a market capitalization of $9.86 billion, a P/E ratio of 16.43, a P/E/G ratio of 3.24 and a beta of 0.56. The business's fifty day moving average price is $88.12 and its two-hundred day moving average price is $86.93.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a yield of 4.13%. Pinnacle West Capital's dividend payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the topic of a number of recent analyst reports. KeyCorp upgraded shares of 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. Citigroup increased 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, December 4th. Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, November 22nd. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. Finally, Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price 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.