State of Alaska Department of Revenue Cuts Position in Pinnacle West Capital Co. (NYSE:PNW)

State of Alaska Department of Revenue reduced its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,205 shares of the utilities provider’s stock after selling 225 shares during the period. State of Alaska Department of Revenue’s holdings in Pinnacle West Capital were worth $2,475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. YANKCOM Partnership acquired a new position in Pinnacle West Capital during the fourth quarter worth about $29,000. Venturi Wealth Management LLC boosted 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 acquiring an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new stake in shares of Pinnacle West Capital in the 4th quarter worth approximately $38,000. Roble Belko & Company Inc purchased a new position in Pinnacle West Capital in the 4th quarter valued at approximately $42,000. Finally, Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital during the third quarter worth $43,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on PNW shares. Citigroup upped their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Morgan Stanley lowered their price objective on shares of 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. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, Barclays downgraded 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 research report on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Price Performance

PNW stock opened at $87.74 on Tuesday. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 3.47 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 52-week low of $66.26 and a 52-week high of $95.42. The stock’s fifty day simple moving average is $86.44 and its 200-day simple moving average is $87.74.

Pinnacle West Capital Dividend Announcement

The firm 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 4.08%. The ex-dividend date is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 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.