Atomi Financial Group Inc. Boosts Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Atomi Financial Group Inc. lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 9.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,602 shares of the utilities provider’s stock after buying an additional 317 shares during the quarter. Atomi Financial Group Inc.’s holdings in Pinnacle West Capital were worth $305,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PNW. MassMutual Private Wealth & Trust FSB increased its holdings in Pinnacle West Capital by 27.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 899 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 192 shares during the period. M.E. Allison & CO. Inc. purchased a new stake in Pinnacle West Capital during the 4th quarter worth about $241,000. Ellsworth Advisors LLC increased its holdings in Pinnacle West Capital by 9.6% during the 4th quarter. Ellsworth Advisors LLC now owns 20,731 shares of the utilities provider’s stock worth $1,757,000 after purchasing an additional 1,820 shares during the period. Integrated Investment Consultants LLC purchased a new stake in Pinnacle West Capital during the 4th quarter worth about $831,000. Finally, Butensky & Cohen Financial Security Inc. increased its holdings in Pinnacle West Capital by 1.7% during the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 59,480 shares of the utilities provider’s stock worth $5,042,000 after purchasing an additional 969 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on PNW. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley cut 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. Citigroup increased their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $85.21.

Pinnacle West Capital Stock Up 0.5 %

Shares of NYSE PNW opened at $85.80 on Friday. The stock has a market cap of $9.76 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 3.40 and a beta of 0.56. 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 52-week low of $65.20 and a 52-week high of $95.42. The business has a 50-day moving average price of $87.63 and a 200 day moving average price of $87.29.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.17%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 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.