Mutual of America Capital Management LLC Reduces Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Mutual of America Capital Management LLC lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,982 shares of the utilities provider’s stock after selling 338 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Pinnacle West Capital were worth $1,239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Natixis Advisors LLC grew its holdings in shares of Pinnacle West Capital by 1.5% in the third quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider’s stock worth $2,057,000 after purchasing an additional 342 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Pinnacle West Capital by 8.0% during the third quarter. CIBC Asset Management Inc now owns 15,737 shares of the utilities provider’s stock worth $1,394,000 after acquiring an additional 1,163 shares during the period. ING Groep NV purchased a new position in shares of Pinnacle West Capital during the third quarter worth approximately $12,065,000. KBC Group NV raised its stake in shares of Pinnacle West Capital by 21.4% during the third quarter. KBC Group NV now owns 2,967 shares of the utilities provider’s stock valued at $263,000 after acquiring an additional 524 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at approximately $506,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PNW shares. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley decreased their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company upped their price target on shares of 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. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Price Performance

Shares of PNW opened at $92.85 on Tuesday. The company has a 50 day moving average of $89.01 and a two-hundred day moving average of $84.01. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $94.38. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.26 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.86%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is 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.