Franklin Resources Inc. Sells 11,549 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Franklin Resources Inc. lowered its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 863,562 shares of the utilities provider’s stock after selling 11,549 shares during the quarter. Franklin Resources Inc. owned approximately 0.76% of Pinnacle West Capital worth $74,724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. increased its position in 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 buying an additional 291 shares during the period. Venturi Wealth Management LLC grew its stake in shares of 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 acquiring an additional 238 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital during the third quarter worth about $43,000. Ashton Thomas Private Wealth LLC acquired a new stake in Pinnacle West Capital in the 2nd quarter worth about $52,000. Finally, Kennebec Savings Bank bought a new stake in Pinnacle West Capital in the 3rd quarter valued at about $64,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

PNW stock opened at $86.02 on Tuesday. The company has a fifty day moving average price of $89.67 and a 200-day moving average price of $85.54. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The company 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 debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders 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 dividend yield of 4.16%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Analyst Ratings Changes

A number of equities research analysts have 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 target for the company in a research report on Wednesday, December 4th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. Citigroup raised their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Wells Fargo & Company upped 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 report on Thursday, November 7th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $93.00 to $91.00 in a report on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus target price of $84.65.

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.