Mutual of America Capital Management LLC Reduces Position in Pinnacle West Capital Co. (NYSE:PNW)

Mutual of America Capital Management LLC decreased its position in Pinnacle West Capital Co. (NYSE:PNW) by 2.4% in the third quarter, HoldingsChannel.com reports. The fund owned 13,982 shares of the utilities provider’s stock after selling 338 shares during the period. Mutual of America Capital Management LLC’s holdings in Pinnacle West Capital were worth $1,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital in the 1st quarter worth approximately $30,000. Venturi Wealth Management LLC raised its position in Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital during the 2nd quarter valued at approximately $52,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 0.1 %

Pinnacle West Capital stock opened at $92.85 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. The stock has a market capitalization of $10.56 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.26 and a beta of 0.52. The business has a 50 day simple moving average of $89.01 and a 200-day simple moving average of $84.01. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $94.38.

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 given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a boost 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 3.86%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the subject of several recent research reports. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $93.00 to $91.00 in a report on Monday, November 18th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $81.88.

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.