Wedge Capital Management L L P NC Sells 16,519 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Wedge Capital Management L L P NC lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 10.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 138,885 shares of the utilities provider’s stock after selling 16,519 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Pinnacle West Capital were worth $11,773,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fortem Financial Group LLC increased its position in Pinnacle West Capital by 2.2% in the fourth quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock worth $485,000 after purchasing an additional 124 shares during the last quarter. GAMMA Investing LLC increased its position in Pinnacle West Capital by 13.7% in 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 last quarter. Glenmede Trust Co. NA increased its position in Pinnacle West Capital by 2.5% in the third 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 during the last quarter. LRI Investments LLC increased its position in Pinnacle West Capital by 7.0% in the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after purchasing an additional 163 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in Pinnacle West Capital by 2.6% in the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after purchasing an additional 169 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

PNW has been the topic of several research reports. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their price objective 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. Morgan Stanley dropped their price objective 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. Citigroup lifted their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus target price of $84.65.

Pinnacle West Capital Stock Up 0.4 %

Shares of PNW opened at $86.75 on Friday. The firm has a market capitalization of $9.86 billion, a P/E ratio of 16.43, a P/E/G ratio of 3.24 and a beta of 0.56. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average price of $88.12 and a 200-day moving average price of $86.93.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 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.