2,700 Shares in Pinnacle West Capital Co. (NYSE:PNW) Purchased by Hilltop Holdings Inc.

Hilltop Holdings Inc. bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,700 shares of the utilities provider’s stock, valued at approximately $239,000.

Several other hedge funds have also made changes to their positions in the company. Bank of Montreal Can lifted its holdings in Pinnacle West Capital by 12.6% in the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock valued at $15,559,000 after acquiring an additional 22,696 shares during the last quarter. Entropy Technologies LP lifted its stake in shares of Pinnacle West Capital by 170.1% in the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after purchasing an additional 19,089 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Pinnacle West Capital by 101.3% during the 2nd quarter. Fifth Third Bancorp now owns 5,837 shares of the utilities provider’s stock worth $446,000 after purchasing an additional 2,937 shares during the period. Empower Advisory Group LLC increased its position in shares of Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock worth $86,230,000 after purchasing an additional 18,673 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new stake in Pinnacle West Capital in the 2nd quarter valued at about $712,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $91.59 on Friday. The business has a 50-day simple moving average of $89.68 and a 200-day simple moving average of $85.04. The company has a market cap of $10.41 billion, a PE ratio of 17.35, a P/E/G ratio of 2.18 and a beta of 0.54. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 4th were given a $0.895 dividend. The ex-dividend date of this dividend was Monday, November 4th. This is an increase 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 3.91%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

PNW has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on shares of 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. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Citigroup boosted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $84.65.

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.