Financial Counselors Inc. Grows Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Financial Counselors Inc. increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 211,520 shares of the utilities provider’s stock after acquiring an additional 2,751 shares during the period. Financial Counselors Inc.’s holdings in Pinnacle West Capital were worth $18,739,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNW. Blue Trust Inc. grew its holdings in Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital during the first quarter worth about $30,000. Venturi Wealth Management LLC boosted its position in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at $43,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Pinnacle West Capital during the second quarter valued at about $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $94.52 on Thursday. The firm’s 50 day moving average is $89.20 and its two-hundred day moving average is $84.31. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42. The firm has a market capitalization of $10.75 billion, a P/E ratio of 17.90, a PEG ratio of 2.20 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.79%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNW. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Morgan Stanley cut their target price on shares of 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. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $81.88.

About Pinnacle West Capital

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.