PNC Financial Services Group Inc. Buys 2,433 Shares of Pinnacle West Capital Co. (NYSE:PNW)

PNC Financial Services Group Inc. increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 65,736 shares of the utilities provider’s stock after acquiring an additional 2,433 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Pinnacle West Capital worth $5,824,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Pinnacle West Capital by 2.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock valued at $11,232,000 after purchasing an additional 2,892 shares during the last quarter. Bornite Capital Management LP bought a new position in Pinnacle West Capital in the 1st quarter worth $7,473,000. Captrust Financial Advisors lifted its position in Pinnacle West Capital by 13.5% during the 1st quarter. Captrust Financial Advisors now owns 854,661 shares of the utilities provider’s stock worth $63,869,000 after acquiring an additional 101,971 shares during the last quarter. Bayesian Capital Management LP boosted its holdings in Pinnacle West Capital by 244.6% during the first quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock valued at $1,674,000 after acquiring an additional 15,899 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Pinnacle West Capital by 5.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 641,865 shares of the utilities provider’s stock valued at $47,967,000 after purchasing an additional 31,183 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Trading Down 0.7 %

PNW stock opened at $92.93 on Friday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $94.38. 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 business’s 50 day moving average is $89.01 and its 200-day moving average is $83.91. The firm has a market cap of $10.57 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.19 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business 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 dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.85%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNW. Wells Fargo & Company boosted their price objective on 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. 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. Finally, Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $81.88.

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.