PNC Financial Services Group Inc. Purchases 2,433 Shares of Pinnacle West Capital Co. (NYSE:PNW)

PNC Financial Services Group Inc. increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,736 shares of the utilities provider’s stock after acquiring an additional 2,433 shares during the period. PNC Financial Services Group Inc.’s holdings in Pinnacle West Capital were worth $5,824,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Pinnacle West Capital by 2.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock worth $11,232,000 after purchasing an additional 2,892 shares during the last quarter. Bornite Capital Management LP bought a new stake in Pinnacle West Capital during the 1st quarter worth about $7,473,000. Captrust Financial Advisors increased its position in Pinnacle West Capital by 13.5% in the 1st quarter. Captrust Financial Advisors now owns 854,661 shares of the utilities provider’s stock valued at $63,869,000 after acquiring an additional 101,971 shares in the last quarter. Bayesian Capital Management LP raised its stake in shares of Pinnacle West Capital by 244.6% in the first quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock worth $1,674,000 after acquiring an additional 15,899 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Pinnacle West Capital by 5.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 641,865 shares of the utilities provider’s stock valued at $47,967,000 after purchasing an additional 31,183 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE PNW opened at $92.93 on Friday. The firm has a 50 day moving average price of $89.01 and a 200 day moving average price of $83.91. 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 has a market cap of $10.57 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.19 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $94.38.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.85%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average price target of $81.88.

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.