Amalgamated Bank Lowers Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Amalgamated Bank reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 39.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,324 shares of the utilities provider’s stock after selling 14,525 shares during the quarter. Amalgamated Bank’s holdings in Pinnacle West Capital were worth $1,978,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors lifted its stake in Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP purchased a new stake in Pinnacle West Capital during the 1st quarter valued at about $198,409,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after acquiring an additional 1,379,368 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock worth $22,925,000 after purchasing an additional 258,601 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PNW shares. Morgan Stanley increased their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Seven 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.com, the company presently has an average rating of “Hold” and an average target price of $80.96.

Pinnacle West Capital Trading Down 1.1 %

NYSE PNW opened at $90.92 on Wednesday. The firm has a market capitalization of $10.34 billion, a PE ratio of 17.33, a P/E/G ratio of 2.15 and a beta of 0.52. The stock’s 50 day moving average is $88.52 and its 200 day moving average is $82.97. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $93.12. The company has a quick ratio of 0.48, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 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.