Barclays PLC Buys 14,392 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Barclays PLC grew its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 203,363 shares of the utilities provider’s stock after purchasing an additional 14,392 shares during the period. Barclays PLC’s holdings in Pinnacle West Capital were worth $18,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Advisors Inc. raised its stake in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after buying an additional 137 shares during the period. GAMMA Investing LLC raised its position in shares of Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 138 shares during the period. Glenmede Trust Co. NA lifted its holdings in shares of Pinnacle West Capital by 2.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after purchasing an additional 163 shares in the last quarter. LRI Investments LLC grew its position in Pinnacle West Capital by 7.0% in the 3rd quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock valued at $227,000 after purchasing an additional 163 shares during the period. Finally, Crossmark Global Holdings Inc. grew its position in Pinnacle West Capital by 2.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock valued at $583,000 after purchasing an additional 169 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PNW. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Finally, Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Price Performance

PNW opened at $87.55 on Friday. The firm has a market cap of $9.95 billion, a P/E ratio of 16.58, a PEG ratio of 2.10 and a beta of 0.54. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. The firm has a 50-day moving average of $89.67 and a 200 day moving average of $85.47.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.09%. Pinnacle West Capital’s payout ratio is currently 67.80%.

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.