Everence Capital Management Inc. Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

Everence Capital Management Inc. purchased a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,760 shares of the utilities provider’s stock, valued at approximately $234,000.

Other large investors also recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its stake in Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Pinnacle West Capital during the third quarter worth about $43,000. Ashton Thomas Private Wealth LLC purchased a new position in Pinnacle West Capital during the second quarter worth about $52,000. Kennebec Savings Bank acquired a new position in Pinnacle West Capital in the 3rd quarter valued at about $64,000. Finally, Blue Trust Inc. increased its holdings in shares of Pinnacle West Capital by 193.5% during the 3rd quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after buying an additional 712 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $83.41 on Thursday. 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 company has a fifty day simple moving average of $88.78 and a 200-day simple moving average of $86.54. The stock has a market cap of $9.48 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.29%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analysts Set New Price Targets

PNW has been the subject of several analyst reports. Citigroup increased their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. 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 report on Thursday, November 7th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Finally, Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $84.65.

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.