KBC Group NV decreased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 60.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,975 shares of the utilities provider’s stock after selling 21,110 shares during the period. KBC Group NV’s holdings in Pinnacle West Capital were worth $1,182,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Captrust Financial Advisors acquired a new stake in Pinnacle West Capital during the 2nd quarter worth $109,000. Parallel Advisors LLC boosted its stake in Pinnacle West Capital by 3.6% during the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 75 shares during the period. Pacer Advisors Inc. boosted its stake in Pinnacle West Capital by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after purchasing an additional 174 shares during the period. Stock Yards Bank & Trust Co. acquired a new stake in Pinnacle West Capital during the 3rd quarter worth $205,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Pinnacle West Capital during the 3rd quarter worth $214,000. Institutional investors and hedge funds own 82.80% of the company’s stock.
Pinnacle West Capital Co. (PNW) traded up $0.18 during mid-day trading on Thursday, hitting $89.30. 613,400 shares of the stock traded hands, compared to its average volume of 673,210. Pinnacle West Capital Co. has a one year low of $74.46 and a one year high of $92.48. The firm has a market cap of $9,954.02, a PE ratio of 19.24, a PEG ratio of 6.45 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st were paid a $0.695 dividend. This represents a $2.78 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Tuesday, October 31st. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.66. Pinnacle West Capital’s dividend payout ratio (DPR) is 60.04%.
A number of analysts recently weighed in on the stock. Royal Bank of Canada reiterated a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital in a research note on Tuesday, August 29th. Zacks Investment Research upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Monday, September 11th. KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital in a research note on Friday, September 1st. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $83.00 to $86.00 and gave the stock an “underweight” rating in a research note on Friday, September 8th. Finally, SunTrust Banks restated a “hold” rating and issued a $91.00 target price on shares of Pinnacle West Capital in a research note on Friday, November 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. Pinnacle West Capital currently has a consensus rating of “Hold” and an average price target of $87.20.
In other news, CEO Donald E. Brandt sold 18,153 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the transaction, the chief executive officer now owns 118,574 shares in the company, valued at approximately $10,617,115.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the transaction, the director now owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.
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Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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