Burney Co. Grows Stake in Pinnacle West Capital Co. (NYSE:PNW)

Burney Co. boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 17.9% during the fourth quarter, Holdings Channel reports. The firm owned 16,602 shares of the utilities provider’s stock after buying an additional 2,523 shares during the quarter. Burney Co.’s holdings in Pinnacle West Capital were worth $1,407,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its position in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after buying an additional 238 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the third quarter worth about $43,000. Kennebec Savings Bank purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at about $64,000. Blue Trust Inc. grew its position in shares of Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock valued at $96,000 after purchasing an additional 712 shares during the last quarter. Finally, Crewe Advisors LLC increased its stake in shares of Pinnacle West Capital by 39.2% during the 3rd quarter. Crewe Advisors LLC now owns 1,100 shares of the utilities provider’s stock worth $97,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNW. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. Morgan Stanley decreased their price objective 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. Citigroup boosted their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating 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 stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Stock Up 2.5 %

Shares of PNW opened at $86.52 on Friday. The firm has a market cap of $9.84 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 3.24 and a beta of 0.56. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The company’s fifty day moving average is $88.23 and its two-hundred day moving average is $86.78. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42.

Pinnacle West Capital Dividend Announcement

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 given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

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.