Wedge Capital Management L L P NC Reduces Stake in Pinnacle West Capital Co. (NYSE:PNW)

Wedge Capital Management L L P NC decreased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 13.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 153,169 shares of the utilities provider’s stock after selling 24,565 shares during the period. Wedge Capital Management L L P NC’s holdings in Pinnacle West Capital were worth $11,004,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC increased its stake in Pinnacle West Capital by 99.4% in the 3rd quarter. Barclays PLC now owns 332,043 shares of the utilities provider’s stock worth $24,465,000 after acquiring an additional 165,495 shares during the last quarter. UBS Group AG increased its stake in Pinnacle West Capital by 83.2% in the 3rd quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after acquiring an additional 140,215 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $6,709,000. Assenagon Asset Management S.A. bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $5,994,000. Finally, Hudson Bay Capital Management LP increased its position in shares of Pinnacle West Capital by 254.3% during the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock valued at $8,485,000 after purchasing an additional 82,660 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PNW. Morgan Stanley raised their price target on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Wells Fargo & Company reduced their target price on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. Royal Bank of Canada lowered their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Finally, LADENBURG THALM/SH SH started coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $73.00.

Pinnacle West Capital Stock Performance

PNW traded up $0.09 during midday trading on Tuesday, hitting $74.79. 70,666 shares of the company were exchanged, compared to its average volume of 1,342,728. The company’s 50 day simple moving average is $71.34 and its 200 day simple moving average is $72.09. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of 16.94, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a yield of 4.71%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 79.82%.

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.