Daiwa Securities Group Inc. Purchases 672 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Daiwa Securities Group Inc. boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 14.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,238 shares of the utilities provider’s stock after purchasing an additional 672 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Pinnacle West Capital were worth $464,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PNW. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after buying an additional 1,379,368 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Pinnacle West Capital by 152,118.2% during the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock worth $22,925,000 after acquiring an additional 258,601 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at $18,652,000. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle West Capital by 31.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock worth $64,550,000 after purchasing an additional 200,816 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Pinnacle West Capital in the 2nd quarter worth $15,249,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNW has been the topic of several analyst reports. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Jefferies Financial Group began 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. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Stock Performance

PNW opened at $93.70 on Friday. The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.24 and a beta of 0.52. The business’s 50-day moving average price is $89.38 and its two-hundred day moving average price is $84.55. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a yield of 3.82%. Pinnacle West Capital’s payout ratio is presently 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.