Redpoint Investment Management Pty Ltd decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,089 shares of the utilities provider’s stock after selling 1,755 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Pinnacle West Capital were worth $2,566,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Princeton Global Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 75.0% during the third quarter. Princeton Global Asset Management LLC now owns 350 shares of the utilities provider’s stock valued at $26,000 after buying an additional 150 shares in the last quarter. Brand Asset Management Group Inc. boosted its position in Pinnacle West Capital by 57.1% during the third quarter. Brand Asset Management Group Inc. now owns 550 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 200 shares during the last quarter. CVA Family Office LLC acquired a new stake in Pinnacle West Capital during the third quarter valued at $44,000. Private Advisor Group LLC acquired a new stake in Pinnacle West Capital during the second quarter valued at $51,000. Finally, Fifth Third Bancorp boosted its position in Pinnacle West Capital by 45.2% during the third quarter. Fifth Third Bancorp now owns 704 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 219 shares during the last quarter. Institutional investors and hedge funds own 83.69% of the company’s stock.
NYSE PNW opened at $77.93 on Thursday. Pinnacle West Capital Co. has a twelve month low of $60.05 and a twelve month high of $105.51. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.77. The stock has a market capitalization of $8.77 billion, a PE ratio of 14.65, a P/E/G ratio of 4.78 and a beta of 0.31. The stock has a 50-day simple moving average of $79.96 and a 200 day simple moving average of $79.26.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Monday, February 1st will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.26%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, January 29th. Pinnacle West Capital’s payout ratio is currently 69.60%.
PNW has been the subject of a number of research reports. Barclays lifted their price objective on Pinnacle West Capital from $89.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, November 18th. Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating and set a $85.00 price objective for the company. in a research report on Friday, December 11th. Morgan Stanley reduced their price target on Pinnacle West Capital from $86.00 to $79.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 15th. Bank of America cut Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $78.00 price target for the company. in a research report on Monday, October 12th. Finally, Mizuho assumed coverage on Pinnacle West Capital in a research report on Wednesday, October 7th. They issued a “neutral” rating for the company. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $87.11.
Pinnacle West Capital Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.
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