Wedge Capital Management L L P NC decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 10.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 138,885 shares of the utilities provider's stock after selling 16,519 shares during the quarter. Wedge Capital Management L L P NC owned about 0.12% of Pinnacle West Capital worth $11,773,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also bought and sold shares of PNW. Venturi Wealth Management LLC lifted its stake in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at about $43,000. Roble Belko & Company Inc bought a new position in shares of Pinnacle West Capital in the 4th quarter worth $42,000. Kennebec Savings Bank purchased a new stake in Pinnacle West Capital during the third quarter valued at about $64,000. Finally, Blue Trust Inc. lifted its stake in Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider's stock worth $96,000 after purchasing an additional 712 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Pinnacle West Capital Stock Up 0.4 %
Shares of NYSE PNW traded up $0.31 during mid-day trading on Friday, reaching $86.75. 751,159 shares of the company were exchanged, compared to its average volume of 876,606. The firm has a 50-day moving average of $88.12 and a 200 day moving average of $87.01. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 16.43, a P/E/G ratio of 3.24 and a beta of 0.56.
Pinnacle West Capital Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.13%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 67.80%.
Analyst Ratings Changes
Several research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Citigroup increased their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, December 4th. Morgan Stanley cut their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, November 22nd. KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Finally, Barclays lowered Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight investment 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 presently has an average rating of "Hold" and an average target price of $84.65.
View Our Latest Stock Analysis on PNW
Pinnacle West Capital Profile
(
Free Report)
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.
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