Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Systematic Financial Management LP

Systematic Financial Management LP lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,215 shares of the utilities provider’s stock after selling 1,255 shares during the quarter. Systematic Financial Management LP’s holdings in Pinnacle West Capital were worth $4,006,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC raised its position in Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Pinnacle West Capital by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after purchasing an additional 44,029 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock worth $91,078,000 after purchasing an additional 5,066 shares in the last quarter. Empower Advisory Group LLC grew its holdings in Pinnacle West Capital by 2.0% in the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after purchasing an additional 18,673 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after buying an additional 200,816 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.4 %

Shares of NYSE PNW opened at $92.49 on Friday. The company has a market capitalization of $10.52 billion, a P/E ratio of 17.52, a P/E/G ratio of 2.16 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a 50 day simple moving average of $89.61 and a 200-day simple moving average of $84.90. 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 firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.895 per share. The ex-dividend date of this dividend was 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 dividend yield of 3.87%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Citigroup raised their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Finally, KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $84.65.

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.