The Manufacturers Life Insurance Company Has $21.48 Million Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

The Manufacturers Life Insurance Company reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 242,456 shares of the utilities provider’s stock after selling 1,259 shares during the period. The Manufacturers Life Insurance Company owned 0.21% of Pinnacle West Capital worth $21,479,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Pinnacle West Capital by 2.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock worth $11,232,000 after purchasing an additional 2,892 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $295,000. Cetera Investment Advisers lifted its holdings in Pinnacle West Capital by 177.0% in the first quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider’s stock valued at $2,174,000 after buying an additional 18,589 shares during the period. Cetera Advisors LLC bought a new position in Pinnacle West Capital in the first quarter valued at approximately $569,000. Finally, NovaPoint Capital LLC grew its holdings in Pinnacle West Capital by 9.0% during the 2nd quarter. NovaPoint Capital LLC now owns 8,621 shares of the utilities provider’s stock worth $658,000 after acquiring an additional 712 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PNW. Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of 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 upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Price Performance

Shares of PNW opened at $93.70 on Friday. The firm has a market capitalization of $10.65 billion, a PE ratio of 17.75, a PEG ratio of 2.24 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company’s 50-day moving average is $89.38 and its 200-day moving average is $84.55. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 67.80%.

Pinnacle West Capital Company 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.