MML Investors Services LLC Buys 334 Shares of Pinnacle West Capital Co. (NYSE:PNW)

MML Investors Services LLC increased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,434 shares of the utilities provider’s stock after acquiring an additional 334 shares during the quarter. MML Investors Services LLC’s holdings in Pinnacle West Capital were worth $570,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PNW. Blue Trust Inc. lifted its holdings in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after buying an additional 238 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the third quarter worth $43,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital during the second quarter worth $52,000. Finally, Kennebec Savings Bank bought a new stake in Pinnacle West Capital in the 3rd quarter valued at $64,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.4 %

Pinnacle West Capital stock opened at $84.96 on Monday. The stock has a 50-day simple moving average of $89.55 and a 200 day simple moving average of $85.80. The stock has a market capitalization of $9.66 billion, a P/E ratio of 16.09, a PEG ratio of 2.10 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s payout ratio is presently 67.80%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PNW shares. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Citigroup upped their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $84.65.

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.