Coldstream Capital Management Inc. Boosts Stake in Pinnacle West Capital Co. (NYSE:PNW)

Coldstream Capital Management Inc. raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 10.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,110 shares of the utilities provider’s stock after purchasing an additional 299 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Pinnacle West Capital were worth $276,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 291 shares during the last quarter. Venturi Wealth Management LLC increased its stake in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the third quarter worth $43,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the second quarter valued at $52,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

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

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $86.02 on Tuesday. The company has a 50 day moving average price of $89.67 and a 200 day moving average price of $85.54. The firm has a market capitalization of $9.78 billion, a P/E ratio of 16.29, a PEG ratio of 2.10 and a beta of 0.54. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $95.42.

Pinnacle West Capital Announces Dividend

The business also recently disclosed 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 4.16%. Pinnacle West Capital’s payout ratio is currently 67.80%.

About Pinnacle West Capital

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.