Pinnacle West Capital Co. (NYSE:PNW) Stake Cut by Moors & Cabot Inc.

Moors & Cabot Inc. decreased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 62.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,655 shares of the utilities provider’s stock after selling 4,477 shares during the period. Moors & Cabot Inc.’s holdings in Pinnacle West Capital were worth $235,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Blue Trust Inc. grew its position in Pinnacle West Capital by 377.9% in the 2nd 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. Cape Investment Advisory Inc. acquired a new position in shares of Pinnacle West Capital in the 1st quarter worth approximately $30,000. Venturi Wealth Management LLC raised its holdings in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Pinnacle West Capital during the third quarter valued at approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital during the second quarter worth approximately $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

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

Pinnacle West Capital Trading Down 0.7 %

Pinnacle West Capital stock opened at $92.93 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $94.38. The company’s fifty day simple moving average is $89.01 and its 200-day simple moving average is $83.96. 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 Increases Dividend

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