QRG Capital Management Inc. Boosts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

QRG Capital Management Inc. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 5.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,959 shares of the utilities provider’s stock after purchasing an additional 3,563 shares during the period. QRG Capital Management Inc.’s holdings in Pinnacle West Capital were worth $5,932,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new position in shares of Pinnacle West Capital in the 1st quarter valued at about $222,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Pinnacle West Capital by 28.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,590 shares of the utilities provider’s stock worth $2,170,000 after acquiring an additional 6,321 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Pinnacle West Capital by 14.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,944 shares of the utilities provider’s stock worth $818,000 after acquiring an additional 1,398 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Pinnacle West Capital by 22.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 3,733 shares of the utilities provider’s stock valued at $279,000 after purchasing an additional 694 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Pinnacle West Capital by 149.6% in the 1st quarter. Larson Financial Group LLC now owns 2,571 shares of the utilities provider’s stock valued at $192,000 after purchasing an additional 1,541 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley increased their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Stock Up 1.2 %

PNW stock opened at $86.71 on Wednesday. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. The company has a fifty day moving average price of $88.24 and a 200 day moving average price of $82.51. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $91.57.

Pinnacle West Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.13%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is presently 65.06%.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

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.