Swiss National Bank Has $19.65 Million Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Swiss National Bank lessened its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 221,800 shares of the utilities provider’s stock after selling 1,600 shares during the period. Swiss National Bank’s holdings in Pinnacle West Capital were worth $19,649,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of 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 valued at $533,562,000 after buying an additional 1,379,368 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after acquiring an additional 2,828,450 shares during the last quarter. Zimmer Partners LP bought a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $198,409,000. Bank of New York Mellon Corp increased its stake in shares of Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after purchasing an additional 44,029 shares during the last quarter. Finally, Empower Advisory Group LLC raised its holdings in shares of Pinnacle West Capital by 2.0% in the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after purchasing an additional 18,673 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Pinnacle West Capital Price Performance

NYSE:PNW opened at $93.49 on Friday. 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 cap of $10.63 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 2.13 and a beta of 0.52. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $93.65. The firm’s 50-day simple moving average is $88.88 and its 200 day simple moving average is $83.72.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s payout ratio is 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.