Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 13.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 452,503 shares of the utilities provider’s stock after selling 72,706 shares during the quarter. Russell Investments Group Ltd. owned 0.40% of Pinnacle West Capital worth $32,508,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC grew its position in Pinnacle West Capital by 1.0% in the third quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock worth $84,990,000 after buying an additional 11,591 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Pinnacle West Capital by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider’s stock worth $70,968,000 after buying an additional 9,696 shares during the last quarter. Empower Advisory Group LLC grew its position in Pinnacle West Capital by 1.5% in the third quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider’s stock worth $65,346,000 after buying an additional 12,850 shares during the last quarter. California Public Employees Retirement System boosted its stake in Pinnacle West Capital by 1.1% in the 4th quarter. California Public Employees Retirement System now owns 649,736 shares of the utilities provider’s stock worth $46,677,000 after purchasing an additional 7,341 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Pinnacle West Capital by 1.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 595,799 shares of the utilities provider’s stock worth $43,898,000 after purchasing an additional 8,436 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.5 %

Shares of NYSE:PNW opened at $73.65 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $86.03. The firm has a fifty day moving average of $72.11 and a two-hundred day moving average of $72.09. The firm has a market capitalization of $8.36 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 2.08 and a beta of 0.49.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.78%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital’s payout ratio is presently 79.82%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Monday, January 22nd. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $68.00 to $71.00 in a research note on Monday, March 11th. Evercore ISI decreased their price objective 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. Finally, Royal Bank of Canada decreased their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $73.42.

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.