Crewe Advisors LLC Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Crewe Advisors LLC raised its stake in Pinnacle West Capital Co. (NYSE:PNW) by 39.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,100 shares of the utilities provider’s stock after buying an additional 310 shares during the period. Crewe Advisors LLC’s holdings in Pinnacle West Capital were worth $97,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its position in shares of Pinnacle West Capital by 285.1% in the third quarter. Larson Financial Group LLC now owns 4,502 shares of the utilities provider’s stock valued at $399,000 after purchasing an additional 3,333 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Pinnacle West Capital by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after purchasing an additional 5,066 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital in the third quarter valued at approximately $43,000. PNC Financial Services Group Inc. boosted its position in Pinnacle West Capital by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider’s stock worth $5,824,000 after acquiring an additional 2,433 shares during the last quarter. Finally, Verity & Verity LLC boosted its position in Pinnacle West Capital by 0.4% during the third quarter. Verity & Verity LLC now owns 90,286 shares of the utilities provider’s stock worth $7,998,000 after acquiring an additional 354 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on PNW shares. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company raised 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. 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 on the stock. Finally, Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $92.93 on Monday. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $94.38. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.19 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 firm’s fifty day moving average price is $89.01 and its 200 day moving average price is $83.96.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be issued a dividend of $0.895 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio (DPR) 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.