Allspring Global Investments Holdings LLC Decreases Position in Pinnacle West Capital Co. (NYSE:PNW)

Allspring Global Investments Holdings LLC lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 11.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,063 shares of the utilities provider’s stock after selling 11,714 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Pinnacle West Capital worth $7,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PNW. YANKCOM Partnership bought a new stake in Pinnacle West Capital in the 4th quarter worth $29,000. Venturi Wealth Management LLC grew its holdings in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Brown Lisle Cummings Inc. bought a new stake in Pinnacle West Capital in the 4th quarter worth $38,000. Prospera Private Wealth LLC bought a new stake in Pinnacle West Capital in the 3rd quarter worth $43,000. Finally, Roble Belko & Company Inc bought a new stake in Pinnacle West Capital in the 4th quarter worth $42,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.7 %

NYSE:PNW opened at $90.50 on Thursday. The company has a market cap of $10.29 billion, a PE ratio of 17.14, a P/E/G ratio of 3.53 and a beta of 0.57. Pinnacle West Capital Co. has a twelve month low of $66.77 and a twelve month high of $95.42. 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’s 50 day moving average is $86.14 and its two-hundred day moving average is $87.92.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley cut their target price on shares of 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. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Finally, Citigroup boosted their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $85.21.

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.