Avidian Wealth Enterprises LLC Buys 371 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Avidian Wealth Enterprises LLC increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 12.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,384 shares of the utilities provider’s stock after buying an additional 371 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Pinnacle West Capital were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNW. Sanctuary Advisors LLC bought a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $372,000. CWM LLC lifted its position in shares of Pinnacle West Capital by 3.2% during the 3rd quarter. CWM LLC now owns 9,714 shares of the utilities provider’s stock worth $861,000 after buying an additional 303 shares during the period. Creative Planning lifted its position in shares of Pinnacle West Capital by 9.7% during the 3rd quarter. Creative Planning now owns 25,716 shares of the utilities provider’s stock worth $2,278,000 after buying an additional 2,272 shares during the period. Ellsworth Advisors LLC increased its holdings in Pinnacle West Capital by 9.9% during the 3rd quarter. Ellsworth Advisors LLC now owns 18,911 shares of the utilities provider’s stock valued at $1,675,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Pinnacle West Capital by 3.8% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,085 shares of the utilities provider’s stock valued at $1,425,000 after purchasing an additional 596 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Morgan Stanley reduced their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group reduced their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Barclays lowered 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 research note on Monday, November 18th. Citigroup boosted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research note on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital Trading Up 0.4 %

PNW stock opened at $89.38 on Friday. The company has a market cap of $10.16 billion, a P/E ratio of 16.93, a PEG ratio of 3.47 and a beta of 0.57. Pinnacle West Capital Co. has a twelve month low of $66.64 and a twelve month high of $95.42. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The business has a fifty day moving average of $86.24 and a 200-day moving average of $87.81.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a yield of 4.01%. Pinnacle West Capital’s dividend payout ratio is presently 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.