Goldman Sachs Group Inc. reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 11.0% during the 4th quarter, HoldingsChannel reports. The firm owned 2,550,278 shares of the utilities provider’s stock after selling 314,607 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Pinnacle West Capital were worth $217,233,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Banced Corp acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $201,000. Kovack Advisors Inc. acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $202,000. Krilogy Financial LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at about $211,000. IBM Retirement Fund purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $281,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $290,000. 82.02% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pinnacle West Capital Co. (PNW) opened at $76.38 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.61 and a debt-to-equity ratio of 0.93. Pinnacle West Capital Co. has a twelve month low of $73.81 and a twelve month high of $92.48. The stock has a market capitalization of $8,539.28, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 5.78 and a beta of 0.31.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st were issued a dividend of $0.695 per share. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $2.78 annualized dividend and a yield of 3.64%. Pinnacle West Capital’s dividend payout ratio is presently 63.91%.
In other Pinnacle West Capital news, EVP David P. Falck sold 4,500 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total transaction of $400,815.00. Following the sale, the executive vice president now directly owns 40,838 shares in the company, valued at approximately $3,637,440.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Donald E. Brandt sold 39,083 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total value of $3,018,380.09. Following the sale, the chief executive officer now owns 88,741 shares in the company, valued at $6,853,467.43. The disclosure for this sale can be found here. Insiders have sold a total of 70,465 shares of company stock worth $5,538,254 over the last 90 days. 0.70% of the stock is owned by company insiders.
PNW has been the topic of several analyst reports. Royal Bank of Canada upgraded Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a report on Thursday. Zacks Investment Research downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, January 8th. Morgan Stanley raised their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a report on Wednesday, December 13th. SunTrust Banks set a $82.00 target price on Pinnacle West Capital and gave the company a “hold” rating in a report on Friday, February 23rd. Finally, ValuEngine downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $84.27.
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Pinnacle West Capital 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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