Rhumbline Advisers Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Rhumbline Advisers lowered its position in Pinnacle West Capital Co. (NYSE:PNW) by 1.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 177,306 shares of the utilities provider’s stock after selling 2,564 shares during the period. Rhumbline Advisers’ holdings in Pinnacle West Capital were worth $15,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC lifted its stake in Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Pinnacle West Capital during the third quarter worth approximately $2,235,000. Principal Financial Group Inc. raised its stake in shares of Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after purchasing an additional 9,993 shares during the last quarter. Entropy Technologies LP raised its stake in shares of Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after purchasing an additional 19,089 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Pinnacle West Capital by 47.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after purchasing an additional 3,758 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research note on Wednesday, December 4th. 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 note on Wednesday, December 4th. Finally, Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital Trading Up 0.9 %

Shares of PNW stock opened at $91.62 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $66.77 and a fifty-two week high of $95.42. The stock has a market cap of $10.42 billion, a P/E ratio of 17.35, a P/E/G ratio of 3.59 and a beta of 0.57. The business has a fifty day simple moving average of $86.26 and a 200-day simple moving average of $88.00. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

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.