Pinnacle West Capital Co. (NYSE:PNW) Stake Lifted by State Street Corp

State Street Corp lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,404,718 shares of the utilities provider's stock after buying an additional 56,644 shares during the quarter. State Street Corp owned 5.63% of Pinnacle West Capital worth $567,394,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. grew its stake in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after acquiring an additional 137 shares during the last quarter. GAMMA Investing LLC increased its position in Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock worth $102,000 after buying an additional 138 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Pinnacle West Capital by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock worth $593,000 after acquiring an additional 163 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Pinnacle West Capital by 2.6% during the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock valued at $583,000 after acquiring an additional 169 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock worth $1,659,000 after purchasing an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 1.3 %

Shares of PNW stock traded down $1.15 during trading hours on Monday, hitting $90.45. 1,049,701 shares of the company were exchanged, compared to its average volume of 1,159,874. The stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 2.17 and a beta of 0.54. The business's 50-day simple moving average is $89.68 and its two-hundred day simple moving average is $85.09. 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.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were paid a dividend of $0.895 per share. The ex-dividend date of this dividend was Monday, November 4th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.96%. Pinnacle West Capital's dividend payout ratio (DPR) is 67.80%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PNW. Barclays lowered shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Citigroup increased their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $84.65.

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.