JPMorgan Chase & Co. Sells 37,273 Shares of Pinnacle West Capital Co. (NYSE:PNW)

JPMorgan Chase & Co. lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 689,945 shares of the utilities provider’s stock after selling 37,273 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pinnacle West Capital were worth $61,122,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital in the 3rd quarter worth about $43,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Pinnacle West Capital during the 2nd quarter worth about $52,000. Kennebec Savings Bank bought a new position in Pinnacle West Capital during the 3rd quarter valued at about $64,000. Finally, Blue Trust Inc. lifted its stake in Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after purchasing an additional 712 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $84.25 on Friday. The stock’s 50-day simple moving average is $88.97 and its 200-day simple moving average is $86.27. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 2.10 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.25%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PNW shares. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Morgan Stanley decreased their price target 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. 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 report on Thursday, November 7th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.65.

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.