Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Verity & Verity LLC

Verity & Verity LLC trimmed its position in Pinnacle West Capital Co. (NYSE:PNW) by 94.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,326 shares of the utilities provider’s stock after selling 84,960 shares during the period. Verity & Verity LLC’s holdings in Pinnacle West Capital were worth $451,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after purchasing an additional 1,379,368 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock worth $57,413,000 after buying an additional 466,736 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Pinnacle West Capital by 152,118.2% in the 3rd quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider’s stock valued at $22,925,000 after buying an additional 258,601 shares during the period. Yaupon Capital Management LP bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at about $22,173,000. Finally, Dimensional Fund Advisors LP raised its stake in Pinnacle West Capital by 31.2% during the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock worth $64,550,000 after acquiring an additional 200,816 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PNW shares. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Wells Fargo & Company upped their price objective on 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. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Finally, Citigroup upped their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Trading Up 0.4 %

Pinnacle West Capital stock opened at $86.75 on Friday. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The stock has a market capitalization of $9.86 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 3.24 and a beta of 0.56. The firm has a 50 day simple moving average of $88.12 and a 200-day simple moving average of $86.85. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.13%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

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.