International Assets Investment Management LLC Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

International Assets Investment Management LLC lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1,650.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,417 shares of the utilities provider’s stock after buying an additional 9,822 shares during the period. International Assets Investment Management LLC’s holdings in Pinnacle West Capital were worth $748,000 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. National Bank of Canada FI increased its position in shares of Pinnacle West Capital by 27.2% during the third quarter. National Bank of Canada FI now owns 24,685 shares of the utilities provider’s stock worth $1,759,000 after purchasing an additional 5,282 shares in the last quarter. CWM LLC increased its position in Pinnacle West Capital by 9.6% during the third quarter. CWM LLC now owns 9,316 shares of the utilities provider’s stock worth $686,000 after buying an additional 816 shares during the period. IFP Advisors Inc lifted its stake in Pinnacle West Capital by 37.3% in the third quarter. IFP Advisors Inc now owns 2,465 shares of the utilities provider’s stock valued at $182,000 after buying an additional 670 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Pinnacle West Capital by 68.8% in the third quarter. SG Americas Securities LLC now owns 36,687 shares of the utilities provider’s stock valued at $2,703,000 after acquiring an additional 14,956 shares during the period. Finally, Summit Global Investments acquired a new stake in shares of Pinnacle West Capital in the third quarter valued at approximately $492,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Down 0.3 %

Shares of NYSE PNW opened at $74.50 on Wednesday. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03. The firm has a 50-day moving average price of $71.49 and a 200 day moving average price of $72.11. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.72%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is 79.82%.

Analysts Set New Price Targets

Several analysts recently commented on PNW shares. UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and upped their price target for the company from $68.00 to $71.00 in a research report on Monday, March 11th. LADENBURG THALM/SH SH started coverage on Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price target on the stock. Wells Fargo & Company lowered their target price on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, January 26th. Royal Bank of Canada decreased their price target on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. Finally, Mizuho dropped their price objective on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.00.

Pinnacle West Capital 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.