Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 16,412 shares of the utilities provider’s stock after buying an additional 327 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Pinnacle West Capital were worth $1,391,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. HITE Hedge Asset Management LLC raised its holdings in Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after acquiring an additional 66,755 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Pinnacle West Capital in the third quarter valued at approximately $2,235,000. Principal Financial Group Inc. lifted its position in 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 buying an additional 9,993 shares in the last quarter. Entropy Technologies LP boosted its stake in 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 buying an additional 19,089 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in Pinnacle West Capital by 104.5% in the 3rd quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider’s stock valued at $9,034,000 after buying an additional 52,095 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Up 1.5 %

Shares of Pinnacle West Capital stock opened at $89.18 on Wednesday. The company has a fifty day simple moving average of $86.35 and a 200-day simple moving average of $87.77. Pinnacle West Capital Co. has a 12-month low of $66.26 and a 12-month high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 3.47 and a beta of 0.57.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders 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 4.01%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s payout ratio is 67.80%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNW. Jefferies Financial Group reduced their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Morgan Stanley lowered their price objective on shares of 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. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a report on Wednesday, December 4th. Citigroup lifted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $85.21.

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.