Kentucky Retirement Systems Reduces Position in Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems lessened its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 7,911 shares of the utilities provider’s stock after selling 646 shares during the quarter. Kentucky Retirement Systems’ holdings in Pinnacle West Capital were worth $701,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PNW. Blue Trust Inc. grew its stake in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital during the 1st quarter worth approximately $30,000. Venturi Wealth Management LLC grew its stake in Pinnacle West Capital by 124.6% during the 3rd 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. Ashton Thomas Private Wealth LLC purchased a new position in Pinnacle West Capital during the 2nd quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. grew its stake in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on PNW. Morgan Stanley lifted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note 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. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Finally, Barclays downgraded 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. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $82.04.

Pinnacle West Capital Stock Down 0.7 %

PNW opened at $90.92 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The business has a 50 day simple moving average of $88.80 and a 200-day simple moving average of $83.56. The stock has a market capitalization of $10.34 billion, a P/E ratio of 17.22, a P/E/G ratio of 2.15 and a beta of 0.52. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $93.12.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.94%. Pinnacle West Capital’s payout ratio is currently 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.