Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 17.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 287,655 shares of the utilities provider's stock after selling 58,980 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.25% of Pinnacle West Capital worth $25,483,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PNW. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock worth $533,562,000 after acquiring an additional 1,379,368 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider's stock valued at $22,925,000 after purchasing an additional 258,601 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth $18,652,000. Dimensional Fund Advisors LP grew its stake in shares of Pinnacle West Capital by 31.2% during the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider's stock worth $64,550,000 after purchasing an additional 200,816 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Pinnacle West Capital in the second quarter valued at $15,249,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE:PNW traded up $0.72 during mid-day trading on Thursday, reaching $92.81. The stock had a trading volume of 267,173 shares, compared to its average volume of 1,159,487. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The business has a 50 day simple moving average of $89.53 and a 200 day simple moving average of $84.84. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $95.42. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.16 and a beta of 0.54.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date 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 is currently 67.80%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, November 22nd. Wells Fargo & Company increased 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 note on Thursday, November 7th. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective for the company in a research report on Wednesday. Finally, Citigroup increased their target price 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. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company 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.