Principal Financial Group Inc. Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Principal Financial Group Inc. grew its stake in Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 139,243 shares of the utilities provider’s stock after buying an additional 9,993 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Pinnacle West Capital worth $12,336,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Pinnacle West Capital by 13.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after buying an additional 138 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Pinnacle West Capital by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock valued at $593,000 after purchasing an additional 163 shares during the period. LRI Investments LLC raised its position in Pinnacle West Capital by 7.0% during the 3rd quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after buying an additional 163 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in shares of Pinnacle West Capital by 2.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after acquiring an additional 169 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of Pinnacle West Capital by 2.2% during the third quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider’s stock worth $832,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.6 %

Shares of PNW stock opened at $84.95 on Monday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42. The firm’s 50-day simple moving average is $89.36 and its 200-day simple moving average is $86.12. The firm has a market cap of $9.66 billion, a P/E ratio of 16.09, a PEG ratio of 2.10 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.21%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. 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, November 18th. Wells Fargo & Company upped 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 report on Thursday, November 7th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Morgan Stanley lowered their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Finally, Citigroup upped their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $84.65.

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.