JPMorgan Chase & Co. Cuts Position in Pinnacle West Capital Co. (NYSE:PNW)

JPMorgan Chase & Co. decreased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 5.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 689,945 shares of the utilities provider’s stock after selling 37,273 shares during the period. JPMorgan Chase & Co. owned approximately 0.61% of Pinnacle West Capital worth $61,122,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNW. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares during the period. International Assets Investment Management LLC increased its position in shares of Pinnacle West Capital by 152,118.2% in the third 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 during the period. Yaupon Capital Management LP bought a new position in shares of Pinnacle West Capital during the third quarter valued at about $22,173,000. Assenagon Asset Management S.A. bought a new stake in shares of Pinnacle West Capital in the third quarter worth about $18,652,000. Finally, Dimensional Fund Advisors LP increased its holdings in Pinnacle West Capital by 31.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after purchasing an additional 200,816 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $84.25 on Friday. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. 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 market cap of $9.58 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.10 and a beta of 0.54. The stock’s fifty day moving average is $88.97 and its 200 day moving average is $86.27.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.25%. Pinnacle West Capital’s payout ratio is currently 67.80%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. 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 report on Wednesday, December 4th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley cut their price objective on shares of 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 raised their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $84.65.

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.