Stifel Financial Corp Boosts Stake in Pinnacle West Capital Co. (NYSE:PNW)

Stifel Financial Corp grew its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 5.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 140,765 shares of the utilities provider's stock after buying an additional 7,502 shares during the quarter. Stifel Financial Corp owned approximately 0.12% of Pinnacle West Capital worth $12,470,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Pinnacle West Capital by 124.6% in the 3rd 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 purchased a new stake in shares of Pinnacle West Capital in the third quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the second quarter valued at approximately $52,000. Finally, Kennebec Savings Bank bought a new position in Pinnacle West Capital during the 3rd quarter valued at $64,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded down $0.18 during trading hours on Thursday, reaching $88.71. 967,932 shares of the company traded hands, compared to its average volume of 1,158,209. The company has a market cap of $10.09 billion, a P/E ratio of 16.80, a P/E/G ratio of 2.17 and a beta of 0.54. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The firm has a 50-day moving average price of $89.68 and a 200 day moving average price of $85.33. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders 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 4.04%. Pinnacle West Capital's dividend payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNW. 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 report on Friday, November 22nd. Wells Fargo & Company boosted 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 research report on Thursday, November 7th. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Citigroup boosted their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Finally, 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 price objective for the company. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target 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.