Crossmark Global Holdings Inc. Increases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Crossmark Global Holdings Inc. grew its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,581 shares of the utilities provider’s stock after purchasing an additional 169 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Pinnacle West Capital were worth $583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PNW. Capital Research Global Investors increased its holdings in Pinnacle West Capital by 97.5% during the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after purchasing an additional 2,828,450 shares in the last quarter. Zimmer Partners LP bought a new position in Pinnacle West Capital in the 1st quarter worth $198,409,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Pinnacle West Capital by 24.6% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Pinnacle West Capital by 152,118.2% during the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after purchasing an additional 258,601 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

PNW has been the subject of a number of analyst reports. Jefferies Financial Group began coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $80.96.

Pinnacle West Capital Stock Up 1.1 %

PNW opened at $91.88 on Friday. The company has a market capitalization of $10.45 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The firm has a 50-day simple moving average of $88.67 and a two-hundred day simple moving average of $83.20. 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 Co. has a 52 week low of $65.20 and a 52 week high of $93.12.

Pinnacle West Capital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.90%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 67.80%.

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.