Thrivent Financial for Lutherans Lowers Position in Pinnacle West Capital Co. (NYSE:PNW)

Thrivent Financial for Lutherans cut its stake in Pinnacle West Capital Co. (NYSE:PNW) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,456 shares of the utilities provider’s stock after selling 126 shares during the period. Thrivent Financial for Lutherans’ holdings in Pinnacle West Capital were worth $395,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Blue Trust Inc. increased its stake in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the second quarter valued at approximately $52,000. Kennebec Savings Bank bought a new stake in shares of Pinnacle West Capital during the third quarter valued at approximately $64,000. Finally, First Horizon Advisors Inc. increased its position in shares of Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in 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 target for the company in a research report on Wednesday. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Morgan Stanley cut their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $84.65.

Pinnacle West Capital Stock Performance

PNW opened at $92.49 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 2.16 and a beta of 0.54. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The firm’s fifty day simple moving average is $89.61 and its two-hundred day simple moving average is $84.90.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 4th were given a dividend of $0.895 per share. 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 3.87%. The ex-dividend date of this dividend was Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) 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.