New York State Common Retirement Fund Has $6.51 Million Stake in Pinnacle West Capital Co. (NYSE:PNW)

New York State Common Retirement Fund lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNWFree Report) by 12.8% in the third quarter, HoldingsChannel.com reports. The firm owned 88,328 shares of the utilities provider’s stock after selling 12,948 shares during the period. New York State Common Retirement Fund’s holdings in Pinnacle West Capital were worth $6,508,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNW. HighTower Advisors LLC increased its stake in Pinnacle West Capital by 8.0% during the 1st quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock valued at $1,718,000 after purchasing an additional 1,630 shares in the last quarter. MetLife Investment Management LLC increased its stake in Pinnacle West Capital by 23.1% during the 1st quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock valued at $2,397,000 after purchasing an additional 5,768 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Pinnacle West Capital by 5.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock valued at $2,599,000 after purchasing an additional 1,681 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle West Capital by 6.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 494,515 shares of the utilities provider’s stock valued at $38,620,000 after purchasing an additional 31,526 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Pinnacle West Capital by 7.8% during the 1st quarter. Sei Investments Co. now owns 135,551 shares of the utilities provider’s stock valued at $10,571,000 after purchasing an additional 9,777 shares in the last quarter. Institutional investors own 84.95% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $67.00 on Friday. The company’s 50-day moving average is $71.66 and its 200 day moving average is $74.38. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.85 and a current ratio of 1.10. The company has a market capitalization of $7.60 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 3.49 and a beta of 0.49. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend is Wednesday, January 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 83.81%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PNW shares. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Monday, January 22nd. Mizuho reduced their target price on shares of Pinnacle West Capital from $79.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Wells Fargo & Company reduced their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, January 26th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Finally, Morgan Stanley upped their target price on shares of Pinnacle West Capital from $71.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 21st. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.63.

Check Out Our Latest Research Report on PNW

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 1,610 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $75.95, for a total value of $122,279.50. Following the sale, the executive vice president now directly owns 9,178 shares of the company’s stock, valued at $697,069.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.

About Pinnacle West Capital

(Free Report)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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