Verition Fund Management LLC Decreases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Verition Fund Management LLC lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 72.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,349 shares of the utilities provider's stock after selling 322,286 shares during the period. Verition Fund Management LLC owned about 0.11% of Pinnacle West Capital worth $11,016,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in 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 buying an additional 291 shares during the period. Venturi Wealth Management LLC grew its position in Pinnacle West Capital by 124.6% during 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 bought a new stake in Pinnacle West Capital in the third quarter valued at approximately $43,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the second quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. increased its position in shares of Pinnacle West Capital by 20.9% in the second 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 period. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.9 %

Shares of NYSE:PNW traded down $0.82 on Friday, hitting $93.70. 507,868 shares of the company traded hands, compared to its average volume of 1,536,531. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The stock has a 50 day simple moving average of $89.38 and a 200-day simple moving average of $84.55. The company has a market cap of $10.65 billion, a PE ratio of 17.75, a PEG ratio of 2.22 and a beta of 0.52. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio is currently 67.80%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PNW. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Barclays lowered shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. 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 report on Friday, November 22nd. Finally, Wells Fargo & Company raised their target price 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of "Hold" and a consensus target price of $81.88.

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.