The Manufacturers Life Insurance Company Sells 1,259 Shares of Pinnacle West Capital Co. (NYSE:PNW)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.5% during the third quarter, Holdings Channel.com reports. The fund owned 242,456 shares of the utilities provider’s stock after selling 1,259 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Pinnacle West Capital were worth $21,479,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after buying an additional 44,029 shares during the period. Charles Schwab Investment Management Inc. grew its position in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock worth $91,078,000 after buying an additional 5,066 shares in the last quarter. Empower Advisory Group LLC increased its stake in Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock worth $86,230,000 after acquiring an additional 18,673 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Pinnacle West Capital by 31.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after acquiring an additional 200,816 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

PNW has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley reduced their price target on shares of 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. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Trading Down 0.9 %

PNW opened at $93.70 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The company’s 50 day moving average price is $89.38 and its two-hundred day moving average price is $84.55. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.24 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.