Everence Capital Management Inc. Invests $234,000 in Pinnacle West Capital Co. (NYSE:PNW)

Everence Capital Management Inc. bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, Holdings Channel.com reports. The fund bought 2,760 shares of the utilities provider’s stock, valued at approximately $234,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNW. GAMMA Investing LLC grew its holdings in shares of Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 138 shares during the last quarter. Glenmede Trust Co. NA grew its stake in Pinnacle West Capital by 2.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after buying an additional 163 shares during the last quarter. LRI Investments LLC increased its position in Pinnacle West Capital by 7.0% during the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after buying an additional 163 shares during the period. Crossmark Global Holdings Inc. lifted its stake in Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock valued at $583,000 after buying an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Pinnacle West Capital by 2.2% in the third quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock valued at $832,000 after acquiring an additional 203 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Up 0.3 %

Shares of PNW stock opened at $83.41 on Thursday. The business’s fifty day moving average price is $88.78 and its 200 day moving average price is $86.54. The firm has a market capitalization of $9.48 billion, a PE ratio of 15.80, a P/E/G ratio of 2.10 and a beta of 0.56. 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 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.29%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Wall Street Analyst Weigh In

Several analysts recently commented on PNW shares. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research 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 reduced their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Wells Fargo & Company raised their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a 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 note on Friday, November 22nd. Finally, Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.65.

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.