Pinnacle West Capital Co. (NYSE:PNW) Position Trimmed by Verity & Verity LLC

Verity & Verity LLC lowered its stake in Pinnacle West Capital Co. (NYSE:PNW) by 94.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,326 shares of the utilities provider’s stock after selling 84,960 shares during the period. Verity & Verity LLC’s holdings in Pinnacle West Capital were worth $451,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. HITE Hedge Asset Management LLC raised its position in shares of Pinnacle West Capital by 261.2% during the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd acquired a new stake in Pinnacle West Capital during the 3rd quarter worth about $2,235,000. Bank of Montreal Can lifted its stake in Pinnacle West Capital by 12.6% during the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock valued at $15,559,000 after buying an additional 22,696 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Pinnacle West Capital by 7.7% in the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after buying an additional 9,993 shares during the period. Finally, Entropy Technologies LP boosted its holdings in shares of Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after buying an additional 19,089 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.4 %

PNW stock opened at $86.75 on Friday. The firm has a market cap of $9.86 billion, a PE ratio of 16.43, a PEG ratio of 3.24 and a beta of 0.56. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42. The company has a fifty day simple moving average of $88.12 and a 200 day simple moving average of $86.85. 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 Announces Dividend

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 paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.13%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Citigroup upped 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. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley lowered their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Wells Fargo & Company increased their price objective on 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. Finally, KeyCorp raised 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. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital 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.