Pinnacle West Capital Co. (NYSE:PNW) Position Reduced by Two Sigma Advisers LP

Two Sigma Advisers LP lowered its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 8.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 162,200 shares of the utilities provider's stock after selling 14,400 shares during the quarter. Two Sigma Advisers LP owned approximately 0.14% of Pinnacle West Capital worth $14,369,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. HITE Hedge Asset Management LLC lifted its position in Pinnacle West Capital by 261.2% during the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider's stock worth $8,178,000 after buying an additional 66,755 shares during the period. Bank of Montreal Can raised its stake in Pinnacle West Capital by 12.6% during the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider's stock worth $15,559,000 after purchasing an additional 22,696 shares during the period. Entropy Technologies LP boosted its holdings in shares of Pinnacle West Capital by 170.1% in the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider's stock valued at $2,686,000 after purchasing an additional 19,089 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Pinnacle West Capital by 101.3% during the 2nd quarter. Fifth Third Bancorp now owns 5,837 shares of the utilities provider's stock valued at $446,000 after buying an additional 2,937 shares during the period. Finally, Empower Advisory Group LLC grew its stake in shares of Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock valued at $86,230,000 after buying an additional 18,673 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PNW shares. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target for the company in a research note on Wednesday, December 4th. Barclays downgraded shares of 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, November 18th. Citigroup lifted their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Finally, Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $84.65.

Pinnacle West Capital Stock Down 1.3 %

NYSE:PNW traded down $1.15 on Monday, reaching $90.45. The stock had a trading volume of 1,049,701 shares, compared to its average volume of 1,159,874. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The stock has a market cap of $10.28 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 2.17 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $89.68 and a 200 day moving average of $85.09.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend was Monday, November 4th. 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 67.80%.

About Pinnacle West Capital

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.