Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 455,784 shares of the utilities provider’s stock after selling 1,850 shares during the period. Victory Capital Management Inc. owned 0.40% of Pinnacle West Capital worth $40,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new position in shares of Pinnacle West Capital in the 1st quarter valued at $30,000. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital during the 2nd quarter worth about $52,000. Finally, First Horizon Advisors Inc. grew its position in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Morgan Stanley increased their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company increased their target price 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. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $80.96.

Pinnacle West Capital Trading Up 1.1 %

Shares of Pinnacle West Capital stock opened at $91.88 on Friday. The firm has a market capitalization of $10.45 billion, a PE ratio of 17.40, a P/E/G ratio of 2.13 and a beta of 0.52. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $93.12. The firm’s 50-day moving average price is $88.67 and its 200 day moving average price is $83.20. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a yield of 3.90%. Pinnacle West Capital’s dividend payout ratio (DPR) 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.