KBC Group NV Has $263,000 Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

KBC Group NV raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 21.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,967 shares of the utilities provider’s stock after buying an additional 524 shares during the quarter. KBC Group NV’s holdings in Pinnacle West Capital were worth $263,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PNW. Capital Research Global Investors raised its stake in Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Pinnacle West Capital by 24.6% during the second 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. Lazard Asset Management LLC grew its position in Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after buying an additional 2,828,450 shares in the last quarter. Zimmer Partners LP bought a new position in Pinnacle West Capital during the first quarter valued at about $198,409,000. Finally, Bank of New York Mellon Corp raised its holdings in Pinnacle West Capital by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after acquiring an additional 44,029 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PNW has been the topic of several recent research reports. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $93.00 to $91.00 in a report on Monday. Wells Fargo & Company boosted 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 report on Thursday, November 7th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, 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. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and an average target price of $82.04.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $90.92 on Wednesday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $93.12. The company has a 50 day moving average of $88.80 and a 200-day moving average of $83.56. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 2.15 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.94%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.