Y Intercept Hong Kong Ltd Acquires Shares of 13,958 Pinnacle West Capital Co. (NYSE:PNW)

Y Intercept Hong Kong Ltd purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,958 shares of the utilities provider's stock, valued at approximately $1,237,000.

Several other hedge funds have also made changes to their positions in PNW. First Horizon Advisors Inc. increased its stake in Pinnacle West Capital by 20.9% during 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. GAMMA Investing LLC grew its stake in shares of Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider's stock worth $102,000 after acquiring an additional 138 shares in the last quarter. Glenmede Trust Co. NA increased its position 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 worth $593,000 after acquiring an additional 163 shares during the period. Crossmark Global Holdings Inc. raised its stake in shares of Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider's stock valued at $583,000 after acquiring an additional 169 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Pinnacle West Capital by 0.9% in 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 purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded down $0.18 on Thursday, hitting $88.71. The stock had a trading volume of 973,813 shares, compared to its average volume of 1,158,209. The stock has a market cap of $10.09 billion, a price-to-earnings ratio of 16.84, a P/E/G ratio of 2.17 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The company's 50 day moving average price is $89.69 and its 200 day moving average price is $85.31.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital's payout ratio is currently 67.80%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PNW shares. Barclays downgraded 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 report on Monday, November 18th. KeyCorp upgraded shares of Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Morgan Stanley decreased 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 note on Friday, November 22nd. Citigroup increased their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and an average price target of $84.65.

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.