Sanctuary Advisors LLC Buys 3,104 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Sanctuary Advisors LLC grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 61.5% during the third quarter, Holdings Channel reports. The firm owned 8,151 shares of the utilities provider’s stock after purchasing an additional 3,104 shares during the period. Sanctuary Advisors LLC’s holdings in Pinnacle West Capital were worth $757,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Venturi Wealth Management LLC lifted its position in shares of Pinnacle West Capital by 124.6% during the third 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 in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Pinnacle West Capital in the 2nd quarter worth approximately $52,000. Kennebec Savings Bank bought a new position in shares of Pinnacle West Capital in the third quarter valued at approximately $64,000. Finally, Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 193.5% during the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock valued at $96,000 after acquiring an additional 712 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNW. Morgan Stanley cut their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company increased their price target 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. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Citigroup increased their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $85.00 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The firm has a market capitalization of $9.66 billion, a P/E ratio of 16.10, a PEG ratio of 2.10 and a beta of 0.54. The business has a fifty day moving average price of $89.52 and a 200-day moving average price of $85.86.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s payout ratio is presently 67.80%.

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.