Teachers Retirement System of The State of Kentucky Has $752,000 Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Teachers Retirement System of The State of Kentucky trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 8.4% in the third quarter, Holdings Channel reports. The fund owned 8,479 shares of the utilities provider’s stock after selling 782 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Pinnacle West Capital were worth $752,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Pinnacle West Capital by 24.6% in 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 purchasing an additional 1,379,368 shares during the period. State Street Corp boosted its holdings in shares of Pinnacle West Capital by 0.9% in the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after buying an additional 56,644 shares during the period. Zimmer Partners LP boosted its holdings in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after buying an additional 155,466 shares during the period. Bank of New York Mellon Corp increased its position in shares of Pinnacle West Capital by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after acquiring an additional 44,029 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock worth $91,078,000 after acquiring an additional 5,066 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Trading Down 2.4 %

Shares of NYSE:PNW opened at $84.03 on Thursday. The company has a 50-day simple moving average of $89.59 and a 200 day simple moving average of $85.64. The company has a market capitalization of $9.55 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 2.10 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.26%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Analyst Ratings Changes

A number of research firms have issued reports on PNW. Citigroup increased their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Wells Fargo & Company lifted their price objective 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. Finally, Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently 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.