Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,412 shares of the utilities provider’s stock after buying an additional 327 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Pinnacle West Capital were worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its holdings in shares of Pinnacle West Capital by 221.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after purchasing an additional 466,736 shares during the period. Jennison Associates LLC purchased a new position in Pinnacle West Capital during the 4th quarter worth approximately $32,078,000. International Assets Investment Management LLC lifted its stake in Pinnacle West Capital by 152,118.2% during 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 acquiring an additional 258,601 shares during the period. Yaupon Capital Management LP purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at $22,173,000. Finally, Zimmer Partners LP increased its stake in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PNW shares. KeyCorp upgraded shares of 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 report on Wednesday, December 4th. Morgan Stanley decreased their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. 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 research note on Thursday, November 7th. Finally, Jefferies Financial Group decreased their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $85.21.

Pinnacle West Capital Stock Performance

PNW opened at $89.18 on Wednesday. The company has a market cap of $10.14 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 3.47 and a beta of 0.57. The firm’s fifty day simple moving average is $86.35 and its two-hundred day simple moving average is $87.77. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52-week low of $66.26 and a 52-week high of $95.42.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Monday, February 3rd. 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.