Pacer Advisors Inc. Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

Pacer Advisors Inc. lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 263.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,783 shares of the utilities provider’s stock after buying an additional 22,308 shares during the period. Pacer Advisors Inc.’s holdings in Pinnacle West Capital were worth $2,609,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Roble Belko & Company Inc purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $42,000. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Kennebec Savings Bank purchased a new position in Pinnacle West Capital in the third quarter valued at approximately $64,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Pinnacle West Capital by 27.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 899 shares of the utilities provider’s stock valued at $76,000 after purchasing an additional 192 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNW. Jefferies Financial Group lowered their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley cut 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 research report on Friday, November 22nd. Citigroup boosted their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $86.94 on Friday. The business’s 50-day moving average price is $87.09 and its 200-day moving average price is $87.48. The firm has a market capitalization of $9.89 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 3.40 and a beta of 0.56. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.12%. Pinnacle West Capital’s payout ratio is 67.80%.

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.