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

State of Alaska Department of Revenue reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.8% during the 4th quarter, HoldingsChannel reports. 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 quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth about $29,000. Venturi Wealth Management LLC raised its holdings in 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 buying an additional 238 shares during the period. Brown Lisle Cummings Inc. purchased a new position in Pinnacle West Capital in the fourth quarter valued at approximately $38,000. Roble Belko & Company Inc acquired a new position in Pinnacle West Capital during the fourth quarter valued at approximately $42,000. Finally, Prospera Private Wealth LLC purchased a new stake in Pinnacle West Capital during the third quarter worth approximately $43,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PNW shares. Jefferies Financial Group cut their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Citigroup upped their target price 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. Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Finally, Wells Fargo & Company upped their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital Price Performance

PNW opened at $87.74 on Tuesday. 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 Co. has a 1-year low of $66.26 and a 1-year high of $95.42. The company has a 50-day moving average of $86.44 and a 200-day moving average of $87.74. The company has a market capitalization of $9.98 billion, a P/E ratio of 16.62, a PEG ratio of 3.47 and a beta of 0.57.

Pinnacle West Capital Dividend Announcement

The company 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 dividend of $0.895 per share. 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 payout ratio is currently 67.80%.

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.