Perpetual Ltd Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Perpetual Ltd lowered its stake in Pinnacle West Capital Co. (NYSE:PNW) by 9.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 402,344 shares of the utilities provider’s stock after selling 42,180 shares during the quarter. Perpetual Ltd owned about 0.35% of Pinnacle West Capital worth $34,107,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. HITE Hedge Asset Management LLC boosted its position in shares of Pinnacle West Capital by 261.2% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd acquired a new position in Pinnacle West Capital during the third quarter worth $2,235,000. Bank of Montreal Can boosted its position in shares of Pinnacle West Capital by 12.6% during the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock worth $15,559,000 after buying an additional 22,696 shares during the period. Principal Financial Group Inc. grew its stake in shares of Pinnacle West Capital by 7.7% in the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after buying an additional 9,993 shares in the last quarter. Finally, Entropy Technologies LP grew its stake in shares of Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after buying an additional 19,089 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on PNW shares. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. 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 report on Thursday, November 7th. Citigroup boosted their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $84.65.

Pinnacle West Capital Trading Up 0.4 %

NYSE PNW opened at $86.75 on Tuesday. The firm’s fifty day moving average price is $88.02 and its 200 day moving average price is $87.09. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a market capitalization of $9.86 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 3.43 and a beta of 0.56.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.13%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Pinnacle West Capital Company Profile

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.