Kentucky Retirement Systems Insurance Trust Fund Raises Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Kentucky Retirement Systems Insurance Trust Fund increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 15.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,897 shares of the utilities provider’s stock after acquiring an additional 535 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Pinnacle West Capital were worth $330,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new position in Pinnacle West Capital in the fourth quarter worth approximately $29,000. Venturi Wealth Management LLC grew its position 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 worth $38,000 after acquiring an additional 238 shares during the period. Brown Lisle Cummings Inc. purchased a new position in Pinnacle West Capital in the fourth quarter worth approximately $38,000. Roble Belko & Company Inc purchased a new position in Pinnacle West Capital in the fourth quarter worth approximately $42,000. Finally, Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital in the third quarter worth approximately $43,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PNW shares. Citigroup upped their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Morgan Stanley decreased their price target on 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 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 note on Wednesday, December 4th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. 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 research note on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $90.50 on Thursday. The firm has a market capitalization of $10.29 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 3.53 and a beta of 0.57. The business’s fifty day moving average price is $86.14 and its 200 day moving average price is $87.92. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 12 month low of $66.77 and a 12 month high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.96%. 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.