Versor Investments LP Increases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Versor Investments LP lifted its position in Pinnacle West Capital Co. (NYSE:PNW) by 30.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,000 shares of the utilities provider’s stock after purchasing an additional 2,800 shares during the quarter. Versor Investments LP’s holdings in Pinnacle West Capital were worth $1,063,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its position in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in Pinnacle West Capital in the first quarter valued at about $30,000. Venturi Wealth Management LLC lifted its position 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 valued at $38,000 after buying an additional 238 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital in the second quarter valued at about $52,000. Finally, Kennebec Savings Bank acquired a new position in Pinnacle West Capital in the third quarter valued at about $64,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on PNW. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus target price of $80.96.

Pinnacle West Capital Stock Up 0.1 %

Shares of NYSE:PNW opened at $91.91 on Tuesday. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 2.15 and a beta of 0.52. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $93.12. The company has a quick ratio of 0.48, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The firm’s 50 day moving average price is $88.43 and its 200 day moving average price is $82.84.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be paid a $0.895 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend 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.