CIBC Asset Management Inc Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

CIBC Asset Management Inc lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,125 shares of the utilities provider’s stock after purchasing an additional 388 shares during the period. CIBC Asset Management Inc’s holdings in Pinnacle West Capital were worth $1,367,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. YANKCOM Partnership purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $29,000. Venturi Wealth Management LLC increased its stake in shares of Pinnacle West Capital by 124.6% during the 3rd 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 last quarter. Brown Lisle Cummings Inc. purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $38,000. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth approximately $43,000. Finally, Roble Belko & Company Inc purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.9 %

Shares of NYSE:PNW opened at $91.62 on Friday. The firm has a fifty day moving average price of $86.26 and a two-hundred day moving average price of $88.00. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a one year low of $66.77 and a one year high of $95.42. The company has a market cap of $10.42 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s payout ratio is 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the subject of several research analyst reports. Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group cut their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp raised 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. Finally, Citigroup raised their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $85.21.

Pinnacle West Capital 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.