MQS Management LLC Makes New $506,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

MQS Management LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,716 shares of the utilities provider’s stock, valued at approximately $506,000.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital during the first quarter worth about $30,000. Venturi Wealth Management LLC lifted its stake in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after buying an additional 238 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Pinnacle West Capital during the 2nd quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $91.22 on Thursday. The stock has a 50-day moving average of $88.62 and a two-hundred day moving average of $83.15. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $93.12. The company has a market cap of $10.37 billion, a P/E ratio of 17.28, a P/E/G ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.92%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Ratings Changes

PNW has been the subject of several research reports. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $80.96.

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.