Jacobs Levy Equity Management Inc. Sells 68,537 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Jacobs Levy Equity Management Inc. lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 9.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 634,280 shares of the utilities provider’s stock after selling 68,537 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.56% of Pinnacle West Capital worth $56,191,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PNW shares. 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. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Finally, Morgan Stanley dropped their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $81.88.

Pinnacle West Capital Stock Performance

PNW stock opened at $91.28 on Wednesday. The firm has a market cap of $10.38 billion, a PE ratio of 17.29, a P/E/G ratio of 2.19 and a beta of 0.54. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The business’s 50-day moving average price is $89.47 and its two-hundred day moving average price is $84.79. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 4th were issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.92%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Monday, November 4th. Pinnacle West Capital’s payout ratio is 67.80%.

Pinnacle West Capital 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.