GAMMA Investing LLC Buys New Shares in Pinnacle West Capital Co. (NYSE:PNW)

GAMMA Investing LLC purchased a new position in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 849 shares of the utilities provider’s stock, valued at approximately $58,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Financial Gravity Asset Management Inc. grew its position in shares of Pinnacle West Capital by 338.3% during the third 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 in the last quarter. BOK Financial Private Wealth Inc. purchased a new stake in Pinnacle West Capital during the 4th quarter valued at approximately $26,000. Tobam raised its position in shares of Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 393 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Pinnacle West Capital by 985.7% in the fourth quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock worth $39,000 after buying an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. bought a new position in shares of Pinnacle West Capital during the third quarter worth $52,000. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

PNW has been the topic of several research analyst reports. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Guggenheim raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective on the stock in a research note on Monday, January 22nd. Morgan Stanley upped their price objective on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Pinnacle West Capital in a report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $73.42.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $74.95 on Thursday. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $86.03. The firm has a market capitalization of $8.51 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 2.11 and a beta of 0.49. The firm has a 50-day moving average price of $72.21 and a 200-day moving average price of $72.11.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid 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 dividend yield of 4.70%. Pinnacle West Capital’s dividend payout ratio is 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.