Principal Financial Group Inc. Has $12.34 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Principal Financial Group Inc. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 7.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,243 shares of the utilities provider’s stock after acquiring an additional 9,993 shares during the quarter. Principal Financial Group Inc. owned approximately 0.12% of Pinnacle West Capital worth $12,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Intech Investment Management LLC purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth about $898,000. Natixis bought a new position in Pinnacle West Capital during the first quarter valued at approximately $4,064,000. Bank of Montreal Can lifted its stake in Pinnacle West Capital by 12.6% in the second quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock valued at $15,559,000 after acquiring an additional 22,696 shares during the last quarter. Bayesian Capital Management LP grew its position in Pinnacle West Capital by 244.6% in the first quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock worth $1,674,000 after acquiring an additional 15,899 shares in the last quarter. Finally, Convergence Investment Partners LLC acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth $712,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Up 1.1 %

Shares of PNW stock opened at $91.88 on Friday. 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 Co. has a 1 year low of $65.20 and a 1 year high of $93.12. The firm’s fifty day simple moving average is $88.75 and its 200 day simple moving average is $83.32. The firm has a market capitalization of $10.45 billion, a P/E ratio of 17.40, a price-to-earnings-growth 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 issued a dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. Pinnacle West Capital’s payout ratio is presently 67.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNW. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Morgan Stanley increased their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company raised their price objective on 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. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.