Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp increased its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 8.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 34,242 shares of the utilities provider's stock after acquiring an additional 2,802 shares during the period. Van ECK Associates Corp's holdings in Pinnacle West Capital were worth $2,903,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its stake in Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider's stock worth $57,413,000 after purchasing an additional 466,736 shares in the last quarter. Jennison Associates LLC purchased a new position in Pinnacle West Capital during the 4th quarter valued at about $32,078,000. International Assets Investment Management LLC grew its position in 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 acquiring an additional 258,601 shares in the last quarter. Yaupon Capital Management LP purchased a new stake in Pinnacle West Capital during the third quarter worth about $22,173,000. Finally, Zimmer Partners LP boosted its stake in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock valued at $256,882,000 after purchasing an additional 155,466 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. 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. KeyCorp raised Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, January 28th. Finally, Wells Fargo & Company lifted their price objective 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 company. According to data from MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and a consensus price target of $85.21.

Pinnacle West Capital Stock Performance

Shares of PNW traded up $0.62 during midday trading on Monday, reaching $92.20. 1,194,443 shares of the stock were exchanged, compared to its average volume of 1,006,967. The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 3.59 and a beta of 0.57. 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 Co. has a twelve month low of $66.77 and a twelve month high of $95.42. The business's 50-day moving average price is $86.39 and its 200 day moving average price is $88.07.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital's payout ratio is currently 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.