Massachusetts Financial Services Co. MA Increases Position in Pinnacle West Capital Co. (NYSE:PNW)

Massachusetts Financial Services Co. MA increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,705,469 shares of the utilities provider’s stock after acquiring an additional 5,960 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.38% of Pinnacle West Capital worth $239,677,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Pinnacle West Capital by 24.6% in 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 buying an additional 1,379,368 shares during the last quarter. Zimmer Partners LP acquired a new position in Pinnacle West Capital in the first quarter worth about $198,409,000. Bank of New York Mellon Corp increased its holdings in Pinnacle West Capital by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock valued at $88,596,000 after buying an additional 44,029 shares during the last quarter. Empower Advisory Group LLC raised its stake in Pinnacle West Capital by 2.0% during the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after buying an additional 18,673 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in Pinnacle West Capital by 13.5% during the 1st quarter. Captrust Financial Advisors now owns 854,661 shares of the utilities provider’s stock worth $63,869,000 after buying an additional 101,971 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PNW shares. Morgan Stanley dropped 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 report on Friday. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Barclays lowered shares of 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. Finally, Wells Fargo & Company lifted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note 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, the stock has a consensus rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE:PNW opened at $92.93 on Friday. The company has a market cap of $10.57 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The firm has a 50 day simple moving average of $88.96 and a 200 day simple moving average of $83.79. 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 $94.38.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be issued a $0.895 dividend. The ex-dividend date is Monday, November 4th. This is a boost 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 3.85%. Pinnacle West Capital’s dividend payout ratio is currently 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.