Massachusetts Financial Services Co. MA Acquires 5,960 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Massachusetts Financial Services Co. MA raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.2% during the third quarter, Holdings Channel reports. The firm owned 2,705,469 shares of the utilities provider’s stock after buying an additional 5,960 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Pinnacle West Capital were worth $239,677,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNW. Blue Trust Inc. boosted its position in Pinnacle West Capital by 377.9% in the second 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. bought a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $30,000. Venturi Wealth Management LLC raised its position 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 valued at $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital during the 3rd quarter worth approximately $43,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the second quarter valued at approximately $52,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $92.93 on Friday. The stock has a market capitalization of $10.57 billion, a PE ratio of 17.60, a P/E/G ratio of 2.13 and a beta of 0.52. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $94.38. The company’s 50 day simple moving average is $88.96 and its two-hundred day simple moving average is $83.79. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. 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 yield of 3.85%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

Wall Street Analyst Weigh In

Several analysts have issued reports on PNW shares. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Morgan Stanley cut their price target 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, Wells Fargo & Company raised their target price 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 issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $81.88.

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.