Mackenzie Financial Corp Sells 175,387 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mackenzie Financial Corp lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 87.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,479 shares of the utilities provider’s stock after selling 175,387 shares during the period. Mackenzie Financial Corp’s holdings in Pinnacle West Capital were worth $1,830,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Addison Advisors LLC boosted its holdings in Pinnacle West Capital by 16.6% during the third quarter. Addison Advisors LLC now owns 1,014 shares of the utilities provider’s stock worth $75,000 after buying an additional 144 shares during the last quarter. MCF Advisors LLC boosted its holdings in Pinnacle West Capital by 10.0% during the third quarter. MCF Advisors LLC now owns 1,896 shares of the utilities provider’s stock worth $140,000 after buying an additional 173 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Pinnacle West Capital by 6.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock worth $293,000 after buying an additional 233 shares during the last quarter. M&T Bank Corp boosted its holdings in Pinnacle West Capital by 3.3% during the third quarter. M&T Bank Corp now owns 7,440 shares of the utilities provider’s stock worth $549,000 after buying an additional 238 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of Pinnacle West Capital by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 49,733 shares of the utilities provider’s stock worth $3,664,000 after purchasing an additional 250 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PNW shares. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Barclays raised their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. LADENBURG THALM/SH SH started coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price target on the stock. Mizuho dropped their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Finally, Wells Fargo & Company dropped their price target on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $73.00.

Pinnacle West Capital Stock Down 0.3 %

Shares of Pinnacle West Capital stock opened at $74.50 on Wednesday. The business’s 50 day simple moving average is $71.49 and its 200 day simple moving average is $72.11. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The firm has a market cap of $8.46 billion, a PE ratio of 16.89, a P/E/G ratio of 2.09 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

Pinnacle West Capital Company 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.