Virtu Financial LLC Purchases New Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Virtu Financial LLC purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 9,953 shares of the utilities provider’s stock, valued at approximately $882,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNW. Blue Trust Inc. grew its position in shares of 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 acquiring an additional 291 shares during the period. Venturi Wealth Management LLC grew 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 purchasing an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the third quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital in the second quarter valued at approximately $52,000. Finally, Kennebec Savings Bank acquired a new stake in shares of Pinnacle West Capital in the third quarter valued at approximately $64,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 1.3 %

Shares of PNW opened at $87.55 on Friday. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The firm has a 50 day simple moving average of $89.67 and a two-hundred day simple moving average of $85.40. 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 company has a market cap of $9.95 billion, a P/E ratio of 16.58, a P/E/G ratio of 2.10 and a beta of 0.54.

Pinnacle West Capital Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PNW. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a report on Wednesday, December 4th. Finally, Citigroup increased their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $84.65.

Pinnacle West Capital 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.