Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,695 shares of the utilities provider’s stock after selling 4,793 shares during the quarter. Janus Henderson Group PLC’s holdings in Pinnacle West Capital were worth $4,845,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PNW. First Horizon Advisors Inc. increased its holdings in shares of Pinnacle West Capital by 20.9% during 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 in the last quarter. GAMMA Investing LLC increased its holdings in Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after buying an additional 138 shares in the last quarter. Glenmede Trust Co. NA raised its position in shares of Pinnacle West Capital by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after acquiring an additional 163 shares during the period. Crossmark Global Holdings Inc. boosted its stake in shares of Pinnacle West Capital by 2.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after acquiring an additional 169 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock valued at $1,659,000 after acquiring an additional 199 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PNW shares. Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Citigroup increased their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $90.28 on Wednesday. The business’s 50 day moving average price is $89.71 and its 200 day moving average price is $85.28. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 2.17 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 4th were given a dividend of $0.895 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date was Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.97%. Pinnacle West Capital’s payout ratio is presently 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.