Principal Financial Group Inc. Buys 9,993 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Principal Financial Group Inc. increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 7.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 139,243 shares of the utilities provider's stock after buying an additional 9,993 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Pinnacle West Capital worth $12,336,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. QRG Capital Management Inc. raised its holdings in Pinnacle West Capital by 5.6% during the third quarter. QRG Capital Management Inc. now owns 66,959 shares of the utilities provider's stock worth $5,932,000 after acquiring an additional 3,563 shares in the last quarter. Ground Swell Capital LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $267,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Pinnacle West Capital during the 3rd quarter worth approximately $352,000. Van ECK Associates Corp grew its stake in shares of Pinnacle West Capital by 7.3% in the third quarter. Van ECK Associates Corp now owns 31,440 shares of the utilities provider's stock valued at $2,808,000 after buying an additional 2,139 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in Pinnacle West Capital by 116.2% during the third quarter. Farther Finance Advisors LLC now owns 1,797 shares of the utilities provider's stock worth $159,000 after buying an additional 966 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on PNW shares. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research note on Monday, August 5th. Wells Fargo & Company raised their target price on shares of 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. Morgan Stanley raised their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group started 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. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $80.96.

Pinnacle West Capital Price Performance

Shares of PNW traded up $1.02 during trading hours on Friday, reaching $91.88. The stock had a trading volume of 3,587,423 shares, compared to its average volume of 1,508,336. 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 12 month low of $65.20 and a 12 month high of $93.12. The stock has a market capitalization of $10.45 billion, a PE ratio of 17.40, a PEG ratio of 2.15 and a beta of 0.52. The company's 50-day moving average is $88.75 and its two-hundred day moving average is $83.38.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. 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 3.90%. Pinnacle West Capital's dividend payout ratio (DPR) 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.