Barclays PLC Buys 14,392 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Barclays PLC raised its stake in Pinnacle West Capital Co. (NYSE:PNW) by 7.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 203,363 shares of the utilities provider’s stock after purchasing an additional 14,392 shares during the quarter. Barclays PLC owned approximately 0.18% of Pinnacle West Capital worth $18,014,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. grew its stake in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the 3rd quarter valued at about $43,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth about $52,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. Citigroup upped their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research note 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 stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Finally, Wells Fargo & Company raised their price target on shares of 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 equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Trading Down 1.3 %

NYSE:PNW opened at $87.55 on Friday. 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 firm has a market cap of $9.95 billion, a P/E ratio of 16.58, a P/E/G ratio of 2.10 and a beta of 0.54. The firm’s fifty day moving average is $89.67 and its 200-day moving average is $85.47. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42.

Pinnacle West Capital Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is 67.80%.

About Pinnacle West Capital

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.