Rhumbline Advisers Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Rhumbline Advisers reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 177,306 shares of the utilities provider’s stock after selling 2,564 shares during the period. Rhumbline Advisers owned approximately 0.16% of Pinnacle West Capital worth $15,030,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Planning grew its position in Pinnacle West Capital by 9.7% in the 3rd quarter. Creative Planning now owns 25,716 shares of the utilities provider’s stock valued at $2,278,000 after acquiring an additional 2,272 shares in the last quarter. Blue Trust Inc. grew its position in Pinnacle West Capital by 193.5% in the 3rd quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock valued at $96,000 after acquiring an additional 712 shares in the last quarter. Raymond James & Associates grew its position in Pinnacle West Capital by 30.3% in the 3rd quarter. Raymond James & Associates now owns 37,019 shares of the utilities provider’s stock valued at $3,280,000 after acquiring an additional 8,618 shares in the last quarter. Private Advisor Group LLC grew its position in Pinnacle West Capital by 2.2% in the 3rd quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock valued at $832,000 after acquiring an additional 203 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after acquiring an additional 258,601 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $91.62 on Friday. The stock has a 50 day moving average price of $86.26 and a 200 day moving average price of $88.00. 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 capitalization of $10.42 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57. Pinnacle West Capital Co. has a 52-week low of $66.77 and a 52-week high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PNW shares. Jefferies Financial Group dropped their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Morgan Stanley dropped their target price on 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. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Wells Fargo & Company boosted 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. Finally, Citigroup boosted 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. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $85.21.

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.