abrdn plc Sells 33,460 Shares of Pinnacle West Capital Co. (NYSE:PNW)

abrdn plc decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 79.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,603 shares of the utilities provider’s stock after selling 33,460 shares during the quarter. abrdn plc’s holdings in Pinnacle West Capital were worth $769,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital in the first quarter worth about $30,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the second quarter worth about $52,000. First Horizon Advisors Inc. raised its stake in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of Pinnacle West Capital in the second quarter worth about $82,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Up 0.9 %

PNW stock opened at $85.71 on Tuesday. The stock has a market capitalization of $9.74 billion, a P/E ratio of 15.84, a P/E/G ratio of 2.18 and a beta of 0.52. The firm has a 50-day simple moving average of $88.24 and a 200-day simple moving average of $82.42. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 4.18%. Pinnacle West Capital’s payout ratio is presently 66.17%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PNW shares. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Morgan Stanley lifted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average price target of $80.79.

Insider Buying and Selling

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Company 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.