Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,452 shares of the utilities provider’s stock after selling 275 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.05% of Pinnacle West Capital worth $4,127,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PNW. National Bank of Canada FI lifted its position in shares of Pinnacle West Capital by 27.2% during the third quarter. National Bank of Canada FI now owns 24,685 shares of the utilities provider’s stock worth $1,759,000 after purchasing an additional 5,282 shares in the last quarter. CWM LLC lifted its position in shares of Pinnacle West Capital by 9.6% during the third quarter. CWM LLC now owns 9,316 shares of the utilities provider’s stock worth $686,000 after purchasing an additional 816 shares in the last quarter. IFP Advisors Inc raised its holdings in Pinnacle West Capital by 37.3% in the third quarter. IFP Advisors Inc now owns 2,465 shares of the utilities provider’s stock valued at $182,000 after acquiring an additional 670 shares in the last quarter. SG Americas Securities LLC raised its holdings in Pinnacle West Capital by 68.8% in the third quarter. SG Americas Securities LLC now owns 36,687 shares of the utilities provider’s stock valued at $2,703,000 after acquiring an additional 14,956 shares in the last quarter. Finally, Summit Global Investments acquired a new stake in Pinnacle West Capital in the third quarter valued at approximately $492,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $74.50 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The firm has a market cap of $8.46 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. The company’s 50 day simple moving average is $71.49 and its 200-day simple moving average is $72.11. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $86.03.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.72%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 79.82%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PNW. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and raised their target price for the company from $68.00 to $71.00 in a report on Monday, March 11th. Wells Fargo & Company reduced their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, January 26th. Royal Bank of Canada reduced their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a report on Friday, March 1st. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. Finally, LADENBURG THALM/SH SH began coverage on shares of Pinnacle West Capital in a report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $73.00.

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.