CIBC Asset Management Inc Raises Holdings in Pinnacle West Capital Co. (NYSE:PNW)

CIBC Asset Management Inc grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 8.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,737 shares of the utilities provider’s stock after acquiring an additional 1,163 shares during the quarter. CIBC Asset Management Inc’s holdings in Pinnacle West Capital were worth $1,394,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PNW. Orion Portfolio Solutions LLC grew its position in shares of Pinnacle West Capital by 21.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 15,272 shares of the utilities provider’s stock valued at $1,141,000 after buying an additional 2,658 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Pinnacle West Capital by 2.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 45,955 shares of the utilities provider’s stock valued at $3,403,000 after acquiring an additional 968 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Pinnacle West Capital by 20.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 40,503 shares of the utilities provider’s stock valued at $3,027,000 after acquiring an additional 6,826 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in Pinnacle West Capital by 1,294.4% in the 1st quarter. UniSuper Management Pty Ltd now owns 12,299 shares of the utilities provider’s stock worth $919,000 after acquiring an additional 11,417 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Pinnacle West Capital by 11,315.3% during the 1st quarter. Bessemer Group Inc. now owns 35,730 shares of the utilities provider’s stock valued at $2,671,000 after acquiring an additional 35,417 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PNW shares. Wells Fargo & Company lifted their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $93.00 to $91.00 in a research note on Monday. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $82.04.

Pinnacle West Capital Trading Up 0.9 %

Pinnacle West Capital stock opened at $91.79 on Thursday. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $93.12. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The firm has a market capitalization of $10.44 billion, a price-to-earnings ratio of 17.38, a P/E/G ratio of 2.15 and a beta of 0.52. The company has a 50 day moving average price of $88.82 and a 200 day moving average price of $83.67.

Pinnacle West Capital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 3.90%. 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. Pinnacle West Capital’s payout ratio is presently 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.