BNP Paribas Arbitrage SNC boosted its stake in Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 8.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,375 shares of the utilities provider’s stock after purchasing an additional 7,196 shares during the quarter. BNP Paribas Arbitrage SNC owned about 0.08% of Pinnacle West Capital worth $7,362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also bought and sold shares of the company. Newbridge Financial Services Group Inc. raised its stake in Pinnacle West Capital by 67.4% in the second quarter. Newbridge Financial Services Group Inc. now owns 308 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 124 shares in the last quarter. Graham Capital Wealth Management LLC purchased a new stake in Pinnacle West Capital in the first quarter valued at approximately $248,814,000. Jones Financial Companies Lllp purchased a new stake in Pinnacle West Capital in the first quarter valued at approximately $28,000. Pacific Center for Financial Services purchased a new stake in Pinnacle West Capital in the first quarter valued at approximately $40,000. Finally, Retirement Group LLC raised its stake in Pinnacle West Capital by 200.0% in the fourth quarter. Retirement Group LLC now owns 600 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 400 shares in the last quarter. 84.95% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on PNW shares. Mizuho reaffirmed a “buy” rating and issued a $85.00 target price on shares of Pinnacle West Capital in a research note on Friday, September 15th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Wells Fargo & Company reduced their price target on shares of Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. KeyCorp upgraded shares of Pinnacle West Capital from an “underweight” rating to a “sector weight” rating in a research report on Thursday, October 5th. Finally, Barclays reduced their price target on shares of Pinnacle West Capital from $81.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, September 28th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.70.
Pinnacle West Capital Stock Down 0.3 %
Shares of Pinnacle West Capital stock opened at $71.72 on Tuesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.85 and a current ratio of 1.10. Pinnacle West Capital Co. has a 52-week low of $68.55 and a 52-week high of $86.03. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 2.89 and a beta of 0.52. The company’s 50 day moving average price is $74.40 and its 200-day moving average price is $77.99.
Pinnacle West Capital Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be issued a $0.88 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $3.52 annualized dividend and a dividend yield of 4.91%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 83.81%.
About Pinnacle West Capital
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 engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities.
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