Burney Co. Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Burney Co. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 17.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,602 shares of the utilities provider’s stock after buying an additional 2,523 shares during the period. Burney Co.’s holdings in Pinnacle West Capital were worth $1,407,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNW. Park Avenue Securities LLC grew its holdings in shares of Pinnacle West Capital by 22.8% during the fourth quarter. Park Avenue Securities LLC now owns 3,213 shares of the utilities provider’s stock worth $272,000 after purchasing an additional 597 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after purchasing an additional 466,736 shares during the period. Czech National Bank boosted its position in shares of Pinnacle West Capital by 6.6% in the 4th quarter. Czech National Bank now owns 24,656 shares of the utilities provider’s stock valued at $2,090,000 after purchasing an additional 1,523 shares during the period. ST Germain D J Co. Inc. grew its stake in Pinnacle West Capital by 19.0% during the 4th quarter. ST Germain D J Co. Inc. now owns 1,145 shares of the utilities provider’s stock worth $97,000 after buying an additional 183 shares during the last quarter. Finally, Fortitude Family Office LLC increased its position in Pinnacle West Capital by 140.7% during the fourth quarter. Fortitude Family Office LLC now owns 2,946 shares of the utilities provider’s stock worth $250,000 after buying an additional 1,722 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Up 2.5 %

Shares of PNW stock opened at $86.52 on Friday. The business’s fifty day moving average price is $88.23 and its 200 day moving average price is $86.78. The firm has a market capitalization of $9.84 billion, a PE ratio of 16.39, a P/E/G ratio of 3.24 and a beta of 0.56. 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 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.14%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNW. 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 report on Wednesday, December 4th. Morgan Stanley lowered 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 upped their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Wells Fargo & Company upped their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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.