Wedge Capital Management L L P NC Sells 24,565 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Wedge Capital Management L L P NC decreased its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 13.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,169 shares of the utilities provider’s stock after selling 24,565 shares during the period. Wedge Capital Management L L P NC owned approximately 0.14% of Pinnacle West Capital worth $11,004,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Comerica Bank purchased a new position in Pinnacle West Capital in the 3rd quarter worth approximately $4,620,000. Pacer Advisors Inc. raised its position in Pinnacle West Capital by 604.2% in the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock worth $3,637,000 after purchasing an additional 43,441 shares during the period. Financial Counselors Inc. increased its position in shares of Pinnacle West Capital by 37.5% during the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock worth $12,397,000 after acquiring an additional 47,035 shares during the period. Hudson Bay Capital Management LP boosted its stake in shares of Pinnacle West Capital by 254.3% during the third quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock valued at $8,485,000 after purchasing an additional 82,660 shares in the last quarter. Finally, UBS Group AG lifted its stake in shares of Pinnacle West Capital by 83.2% during the third quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after buying an additional 140,215 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.1 %

Shares of NYSE:PNW traded up $0.09 on Tuesday, hitting $74.79. 70,666 shares of the company traded hands, compared to its average volume of 1,342,728. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The stock has a 50 day simple moving average of $71.34 and a 200-day simple moving average of $72.09. The company has a market cap of $8.49 billion, a PE ratio of 16.94, a PEG ratio of 2.09 and a beta of 0.49.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.71%. Pinnacle West Capital’s dividend payout ratio (DPR) is 79.82%.

Analysts Set New Price Targets

PNW has been the topic of a number of recent research reports. StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Barclays increased their price target on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Royal Bank of Canada reduced their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Finally, Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.00.

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.