Commerce Bank Sells 433 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Commerce Bank cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 5.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,177 shares of the utilities provider’s stock after selling 433 shares during the period. Commerce Bank’s holdings in Pinnacle West Capital were worth $636,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. increased its stake in Pinnacle West Capital by 377.9% in the 2nd 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. acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at about $30,000. Venturi Wealth Management LLC raised its holdings in Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the third quarter valued at approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the second quarter valued at approximately $52,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PNW shares. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley decreased 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $81.88.

Pinnacle West Capital Stock Down 0.1 %

PNW stock opened at $92.85 on Tuesday. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $94.38. The business has a 50-day simple moving average of $89.01 and a 200 day simple moving average of $84.01. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.56 billion, a PE ratio of 17.59, a price-to-earnings-growth ratio of 2.26 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.86%. Pinnacle West Capital’s payout ratio is presently 67.80%.

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.