Pinnacle West Capital Co. (NYSE:PNW) Position Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 89.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,739 shares of the utilities provider’s stock after selling 33,004 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinnacle West Capital were worth $331,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock worth $502,139,000 after buying an additional 2,828,450 shares during the last quarter. Zimmer Partners LP acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $198,409,000. Bank of New York Mellon Corp raised its stake in shares of Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after purchasing an additional 44,029 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in Pinnacle West Capital by 13.5% during the first quarter. Captrust Financial Advisors now owns 854,661 shares of the utilities provider’s stock worth $63,869,000 after acquiring an additional 101,971 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company raised their price target 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $93.00 to $91.00 in a research note on Monday. Finally, Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $82.04.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $91.79 on Thursday. The stock has a market capitalization of $10.44 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 2.15 and a beta of 0.52. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $93.12. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a fifty day moving average of $88.82 and a 200-day moving average of $83.67.

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 given a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 3.90%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.