Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Perpetual Ltd

Perpetual Ltd reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 9.5% during the 4th quarter, HoldingsChannel reports. The firm owned 402,344 shares of the utilities provider’s stock after selling 42,180 shares during the period. Perpetual Ltd’s holdings in Pinnacle West Capital were worth $34,107,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. State Street Corp raised its stake in Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after acquiring an additional 56,644 shares during the last quarter. Zimmer Partners LP increased its holdings in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after purchasing an additional 155,466 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 during the last quarter. Empower Advisory Group LLC lifted its holdings in shares of Pinnacle West Capital by 2.0% during the third 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 period. Finally, Dimensional Fund Advisors LP grew its position in Pinnacle West Capital by 31.2% in the 2nd 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 during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNW has been the subject of a number of analyst reports. Morgan Stanley cut 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. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Citigroup lifted 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 raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Finally, Barclays downgraded 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 research note on Monday, November 18th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Stock Up 0.4 %

Shares of NYSE PNW opened at $86.75 on Tuesday. The firm’s 50-day moving average is $88.02 and its two-hundred day moving average is $87.09. The company has a market capitalization of $9.86 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 3.43 and a beta of 0.56. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s payout ratio is currently 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.