Wolverine Asset Management LLC Invests $2.51 Million in Pinnacle West Capital Co. (NYSE:PNW)

Wolverine Asset Management LLC acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 28,376 shares of the utilities provider's stock, valued at approximately $2,514,000.

Several other institutional investors also recently modified their holdings of PNW. Blue Trust Inc. increased its holdings in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock worth $28,000 after purchasing an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital during the 1st quarter worth about $30,000. Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the second quarter worth about $52,000. First Horizon Advisors Inc. increased its position in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider's stock worth $61,000 after buying an additional 137 shares during the period. Finally, Kennebec Savings Bank bought a new stake in shares of Pinnacle West Capital in the third quarter worth about $64,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PNW. Wells Fargo & Company increased their price objective 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. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a "buy" rating and a $104.00 target price for the company. StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Finally, Morgan Stanley increased their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 25th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $80.96.

Pinnacle West Capital Stock Performance

NYSE PNW traded down $0.99 during trading on Tuesday, reaching $90.92. 1,794,528 shares of the company's stock were exchanged, compared to its average volume of 1,148,385. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.48. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $93.12. The stock has a market capitalization of $10.34 billion, a P/E ratio of 17.33, a PEG ratio of 2.15 and a beta of 0.52. The business has a 50 day moving average price of $88.52 and a 200-day moving average price of $82.97.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is a positive change from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.94%. 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.