Daiwa Securities Group Inc. Has $464,000 Stake in Pinnacle West Capital Co. (NYSE:PNW)

Daiwa Securities Group Inc. grew its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 14.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,238 shares of the utilities provider’s stock after purchasing an additional 672 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Pinnacle West Capital were worth $464,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after acquiring an additional 44,029 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock worth $91,078,000 after acquiring an additional 5,066 shares during the period. Empower Advisory Group LLC raised its stake in Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after purchasing an additional 18,673 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Pinnacle West Capital by 31.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after purchasing an additional 200,816 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $93.70 on Friday. The stock has a 50-day simple moving average of $89.38 and a 200 day simple moving average of $84.55. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.24 and a beta of 0.52. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42.

Pinnacle West Capital Increases Dividend

The business also recently announced 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. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Analysts Set New Price Targets

PNW has been the subject of a number of research analyst reports. 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 report on Thursday, November 7th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.88.

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.