Kentucky Retirement Systems Insurance Trust Fund Decreases Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems Insurance Trust Fund trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 8.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,362 shares of the utilities provider’s stock after selling 301 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Pinnacle West Capital were worth $298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $30,000. Venturi Wealth Management LLC lifted its holdings in shares of 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 purchasing an additional 238 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at about $52,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNW has been the subject of several research reports. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $93.00 to $91.00 in a report on Monday. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley upped their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $82.04.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $90.92 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The business’s 50 day moving average is $88.80 and its two-hundred day moving average is $83.56. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $93.12. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.15 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. 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 3.94%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Pinnacle West Capital 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.