CIBC Asset Management Inc Has $1.37 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

CIBC Asset Management Inc boosted its position in Pinnacle West Capital Co. (NYSE:PNW) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,125 shares of the utilities provider’s stock after buying an additional 388 shares during the period. CIBC Asset Management Inc’s holdings in Pinnacle West Capital were worth $1,367,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HITE Hedge Asset Management LLC lifted its holdings in Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the period. XTX Topco Ltd acquired a new position in shares of Pinnacle West Capital during the third quarter valued at about $2,235,000. Principal Financial Group Inc. raised its holdings in shares of Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after purchasing an additional 9,993 shares during the period. Entropy Technologies LP raised its holdings in shares of Pinnacle West Capital by 170.1% during the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after purchasing an additional 19,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Pinnacle West Capital by 47.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock valued at $995,000 after purchasing an additional 3,758 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.9 %

NYSE:PNW opened at $91.62 on Friday. 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 firm has a market cap of $10.42 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57. Pinnacle West Capital Co. has a 52 week low of $66.77 and a 52 week high of $95.42. The firm has a 50-day moving average price of $86.26 and a two-hundred day moving average price of $88.00.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 3.91%. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a report on Wednesday, December 4th. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Citigroup upped their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted 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 report on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $85.21.

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.