Quest Partners LLC Takes $2.53 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Quest Partners LLC acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 28,578 shares of the utilities provider's stock, valued at approximately $2,532,000.

Other hedge funds have also modified their holdings of the company. Natixis Advisors LLC raised its stake in Pinnacle West Capital by 1.5% during the 3rd quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider's stock valued at $2,057,000 after acquiring an additional 342 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Pinnacle West Capital by 8.0% during the third quarter. CIBC Asset Management Inc now owns 15,737 shares of the utilities provider's stock worth $1,394,000 after purchasing an additional 1,163 shares during the last quarter. ING Groep NV acquired a new stake in shares of Pinnacle West Capital during the third quarter worth $12,065,000. KBC Group NV grew its position in Pinnacle West Capital by 21.4% in the 3rd quarter. KBC Group NV now owns 2,967 shares of the utilities provider's stock valued at $263,000 after buying an additional 524 shares during the last quarter. Finally, MQS Management LLC acquired a new position in Pinnacle West Capital in the 3rd quarter valued at $506,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNW has been the topic of several analyst reports. StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Morgan Stanley raised their price objective on shares of 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. Barclays cut 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 research report on Monday. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. Finally, Wells Fargo & Company lifted 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. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $82.04.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded up $0.39 on Monday, hitting $92.27. The company's stock had a trading volume of 302,717 shares, compared to its average volume of 1,160,027. The stock has a 50 day moving average of $88.75 and a 200-day moving average of $83.44. The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 2.15 and a beta of 0.52. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $93.12. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.88%. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.80%.

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.