Bank of Nova Scotia lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 41.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,802 shares of the utilities provider’s stock after selling 4,730 shares during the quarter. Bank of Nova Scotia’s holdings in Pinnacle West Capital were worth $498,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNW. State Street Corp raised its position in shares of Pinnacle West Capital by 18.4% in the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after purchasing an additional 1,072,235 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Pinnacle West Capital by 823.5% in the second quarter. Envestnet Asset Management Inc. now owns 1,109,566 shares of the utilities provider’s stock valued at $81,131,000 after purchasing an additional 989,421 shares during the period. Invesco Ltd. raised its position in shares of Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after purchasing an additional 808,207 shares during the period. Cincinnati Financial Corp raised its position in shares of Pinnacle West Capital by 188.9% in the first quarter. Cincinnati Financial Corp now owns 729,460 shares of the utilities provider’s stock valued at $56,971,000 after purchasing an additional 477,000 shares during the period. Finally, Vanguard Group Inc. increased its position in Pinnacle West Capital by 1.8% during the first quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after acquiring an additional 241,019 shares during the period. Institutional investors own 86.21% of the company’s stock.
In other news, Director Kathryn L. Munro sold 2,468 shares of the business’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $76.99, for a total value of $190,011.32. Following the sale, the director now owns 16,180 shares in the company, valued at approximately $1,245,698.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.
Pinnacle West Capital Stock Up 2.0 %
Pinnacle West Capital Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 1st will be paid a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend is Monday, October 31st. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.85. Pinnacle West Capital’s payout ratio is currently 73.31%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on PNW. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, November 4th. Mizuho boosted their target price on shares of Pinnacle West Capital from $76.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 9th. Wolfe Research raised shares of Pinnacle West Capital from an “underperform” rating to a “peer perform” rating in a research report on Thursday. KeyCorp dropped their target price on shares of Pinnacle West Capital from $62.00 to $56.00 and set an “underweight” rating on the stock in a research report on Thursday, October 20th. Finally, TheStreet raised shares of Pinnacle West Capital from a “c+” rating to a “b” rating in a research report on Thursday, August 18th. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $70.25.
Pinnacle West Capital Profile
Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.
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