Advisors Asset Management Inc. Sells 9,559 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Advisors Asset Management Inc. lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 31.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,857 shares of the utilities provider’s stock after selling 9,559 shares during the period. Advisors Asset Management Inc.’s holdings in Pinnacle West Capital were worth $1,848,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PNW. Prospera Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital during the third quarter worth $43,000. PNC Financial Services Group Inc. increased its position in Pinnacle West Capital by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider’s stock worth $5,824,000 after acquiring an additional 2,433 shares during the period. Verity & Verity LLC raised its stake in Pinnacle West Capital by 0.4% in the 3rd quarter. Verity & Verity LLC now owns 90,286 shares of the utilities provider’s stock worth $7,998,000 after purchasing an additional 354 shares in the last quarter. Quest Partners LLC bought a new stake in Pinnacle West Capital in the 3rd quarter valued at about $2,532,000. Finally, Natixis Advisors LLC grew its position in shares of Pinnacle West Capital by 1.5% during the 3rd quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider’s stock worth $2,057,000 after purchasing an additional 342 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on PNW. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley reduced their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $81.88.

Pinnacle West Capital Trading Down 0.7 %

NYSE PNW opened at $92.93 on Monday. The business’s fifty day moving average is $89.01 and its 200 day moving average is $83.96. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $94.38. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52.

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 is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 3.85%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

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.