AdvisorNet Financial Inc Sells 552 Shares of Pinnacle West Capital Co. (NYSE:PNW)

AdvisorNet Financial Inc trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 11,884 shares of the utilities provider’s stock after selling 552 shares during the quarter. AdvisorNet Financial Inc’s holdings in Pinnacle West Capital were worth $1,007,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC boosted its stake 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 valued at $533,562,000 after purchasing an additional 1,379,368 shares during the period. State Street Corp boosted its position in Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after buying an additional 56,644 shares during the period. Zimmer Partners LP grew its holdings in Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Pinnacle West Capital by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after acquiring an additional 5,066 shares during the period. Finally, Empower Advisory Group LLC increased its position in shares of Pinnacle West Capital by 2.0% in the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after acquiring an additional 18,673 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price 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 initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Morgan Stanley cut their price objective 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. Citigroup raised their price target 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, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $83.31 on Wednesday. The stock has a market cap of $9.47 billion, a P/E ratio of 15.78, a P/E/G ratio of 2.10 and a beta of 0.56. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock’s fifty day moving average is $88.39 and its 200 day moving average is $86.79. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 4.30%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) 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.