ING Groep NV Sells 54,850 Shares of Pinnacle West Capital Corporation $PNW

ING Groep NV decreased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 64.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,361 shares of the utilities provider’s stock after selling 54,850 shares during the quarter. ING Groep NV’s holdings in Pinnacle West Capital were worth $2,722,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Pinnacle West Capital during the second quarter worth $114,384,000. Vanguard Group Inc. boosted its holdings in Pinnacle West Capital by 2.2% during the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock worth $1,322,482,000 after buying an additional 316,629 shares during the last quarter. Reaves W H & Co. Inc. grew its position in shares of Pinnacle West Capital by 21.3% during the 3rd quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider’s stock worth $161,757,000 after buying an additional 316,193 shares during the period. Treasurer of the State of North Carolina grew its position in shares of Pinnacle West Capital by 129.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 384,629 shares of the utilities provider’s stock worth $34,413,000 after buying an additional 216,984 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Pinnacle West Capital by 7.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider’s stock valued at $267,512,000 after acquiring an additional 203,136 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. Morgan Stanley reiterated an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. Jefferies Financial Group reissued a “buy” rating and issued a $115.00 price target on shares of Pinnacle West Capital in a report on Tuesday, November 4th. KeyCorp cut shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $103.00 target price on shares of Pinnacle West Capital in a report on Friday, January 23rd. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $96.42.

Pinnacle West Capital Trading Up 2.2%

Shares of NYSE:PNW opened at $99.43 on Friday. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 5.83 and a beta of 0.54. Pinnacle West Capital Corporation has a 12 month low of $85.32 and a 12 month high of $99.69. The company’s fifty day simple moving average is $90.88 and its 200 day simple moving average is $90.20. The company has a quick ratio of 0.49, a current ratio of 0.67 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 2nd will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, February 2nd. Pinnacle West Capital’s dividend payout ratio is currently 74.74%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.