Pinnacle West Capital Co. (PNW) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. lessened its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 10.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,620 shares of the utilities provider’s stock after selling 1,120 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Pinnacle West Capital were worth $819,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNW. Boston Partners grew its holdings in Pinnacle West Capital by 37.6% during the 3rd quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock valued at $238,837,000 after buying an additional 771,900 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in Pinnacle West Capital by 594.9% during the 2nd quarter. Lord Abbett & CO. LLC now owns 405,100 shares of the utilities provider’s stock valued at $34,498,000 after buying an additional 346,800 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Pinnacle West Capital by 3,112.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 324,984 shares of the utilities provider’s stock valued at $27,481,000 after buying an additional 314,867 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Pinnacle West Capital by 1,476.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 249,259 shares of the utilities provider’s stock valued at $21,077,000 after buying an additional 233,449 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its holdings in Pinnacle West Capital by 694.1% during the 3rd quarter. State of Tennessee Treasury Department now owns 242,303 shares of the utilities provider’s stock valued at $20,489,000 after buying an additional 211,791 shares in the last quarter. Institutional investors and hedge funds own 82.54% of the company’s stock.

Several equities analysts have weighed in on the company. SunTrust Banks restated a “hold” rating and set a $91.00 price target on shares of Pinnacle West Capital in a report on Friday, November 24th. Morgan Stanley raised their price target on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a report on Wednesday, December 13th. Bank of America assumed coverage on Pinnacle West Capital in a report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price target for the company. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Finally, Zacks Investment Research upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $85.30.

In other news, EVP David P. Falck sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares of the company’s stock, valued at approximately $3,637,440.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Donald E. Brandt sold 24,216 shares of the firm’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $79.21, for a total value of $1,918,149.36. Following the completion of the sale, the chairman now directly owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

Shares of Pinnacle West Capital Co. (PNW) opened at $78.69 on Friday. The stock has a market capitalization of $8,721.63, a P/E ratio of 17.00, a PEG ratio of 5.57 and a beta of 0.27. Pinnacle West Capital Co. has a one year low of $73.81 and a one year high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 1st will be paid a $0.695 dividend. This represents a $2.78 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Wednesday, January 31st. Pinnacle West Capital’s payout ratio is 60.04%.

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Pinnacle West Capital Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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