Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 122,505 shares of the utilities provider’s stock after selling 1,354 shares during the period. Federated Hermes Inc. owned 0.11% of Pinnacle West Capital worth $8,801,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Financial Gravity Asset Management Inc. boosted its stake in shares of Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $26,000. Tobam boosted its stake in shares of Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 393 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Pinnacle West Capital by 985.7% during the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 483 shares during the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in shares of Pinnacle West Capital during the 3rd quarter worth about $52,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Up 0.1 %

Shares of PNW stock opened at $74.54 on Thursday. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The firm’s 50 day moving average price is $71.64 and its two-hundred day moving average price is $72.13.

Pinnacle West Capital Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the company from $71.00 to $80.00 in a report on Monday, March 18th. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a report on Monday, January 22nd. UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their target price for the company from $68.00 to $71.00 in a report on Monday, March 11th. Finally, Royal Bank of Canada lowered their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. One investment 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. Based on data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus target price of $73.00.

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.