GAMMA Investing LLC Purchases Shares of 849 Pinnacle West Capital Co. (NYSE:PNW)

GAMMA Investing LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 849 shares of the utilities provider’s stock, valued at approximately $58,000.

Other large investors have also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. increased its holdings in Pinnacle West Capital by 338.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $26,000. Tobam raised its holdings in shares of Pinnacle West Capital by 2,620.0% in the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 393 shares during the period. Blue Trust Inc. grew its position in Pinnacle West Capital by 985.7% in the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in Pinnacle West Capital during the third quarter worth about $52,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. Evercore ISI dropped their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Citigroup initiated coverage on Pinnacle West Capital in a research note on Monday. They issued a “neutral” rating and a $78.00 price objective on the stock. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Finally, Morgan Stanley increased their price target on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $73.42.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $74.95 on Thursday. The company has a market capitalization of $8.51 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 2.11 and a beta of 0.49. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average price of $72.21 and a 200 day moving average price of $72.11.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is 79.82%.

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.