XTX Topco Ltd Takes $2.24 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

XTX Topco Ltd acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 25,224 shares of the utilities provider's stock, valued at approximately $2,235,000.

A number of other institutional investors also recently made changes to their positions in the business. First Horizon Advisors Inc. lifted its position in 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 purchasing an additional 137 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Pinnacle West Capital by 13.7% in 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 period. Glenmede Trust Co. NA increased its stake in shares of Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider's stock valued at $593,000 after buying an additional 163 shares during the period. Crossmark Global Holdings Inc. increased its stake in shares of Pinnacle West Capital by 2.6% during the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock valued at $583,000 after buying an additional 169 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Pinnacle West Capital by 0.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider's stock valued at $1,659,000 after acquiring an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

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 objective for the company in a report on Wednesday. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a "buy" rating and a $104.00 price target for the company. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. Barclays cut shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Morgan Stanley reduced their price target on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of "Hold" and a consensus target price of $84.65.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded down $0.86 during trading hours on Friday, reaching $91.59. The company had a trading volume of 746,651 shares, compared to its average volume of 1,368,260. The business has a fifty day moving average price of $89.68 and a 200-day moving average price of $85.09. The firm has a market cap of $10.41 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 2.18 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.895 per share. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Monday, November 4th. Pinnacle West Capital's payout ratio is currently 67.80%.

Pinnacle West Capital 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.