Virtu Financial LLC Acquires New Shares in Pinnacle West Capital Co. (NYSE:PNW)

Virtu Financial LLC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,953 shares of the utilities provider's stock, valued at approximately $882,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Pinnacle West Capital by 13.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock worth $102,000 after buying an additional 138 shares during the last quarter. Glenmede Trust Co. NA boosted its position in shares of Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock worth $593,000 after acquiring an additional 163 shares in the last quarter. LRI Investments LLC increased its holdings in shares of Pinnacle West Capital by 7.0% in the 3rd quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider's stock valued at $227,000 after acquiring an additional 163 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in shares of Pinnacle West Capital by 2.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock worth $583,000 after acquiring an additional 169 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PNW. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target on the stock in a research note on Wednesday, December 4th. Morgan Stanley reduced their price target on shares of 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. Citigroup raised their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Finally, 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 research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $84.65.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded down $1.16 during trading hours on Friday, reaching $87.55. 1,008,616 shares of the company's stock were exchanged, compared to its average volume of 1,157,588. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company's 50 day moving average is $89.67 and its two-hundred day moving average is $85.40. The company has a market cap of $9.95 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio 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.