Mackenzie Financial Corp Sells 175,387 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Mackenzie Financial Corp lowered its position in Pinnacle West Capital Co. (NYSE:PNW) by 87.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,479 shares of the utilities provider’s stock after selling 175,387 shares during the period. Mackenzie Financial Corp’s holdings in Pinnacle West Capital were worth $1,830,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BOK Financial Private Wealth Inc. bought a new position in Pinnacle West Capital in the fourth quarter worth approximately $26,000. Romano Brothers AND Company raised its stake in shares of Pinnacle West Capital by 1.3% in the fourth quarter. Romano Brothers AND Company now owns 30,525 shares of the utilities provider’s stock worth $2,193,000 after purchasing an additional 385 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth approximately $496,000. Cerity Partners LLC raised its stake in shares of Pinnacle West Capital by 3.0% in the fourth quarter. Cerity Partners LLC now owns 45,910 shares of the utilities provider’s stock worth $3,298,000 after purchasing an additional 1,321 shares during the last quarter. Finally, Financial Counselors Inc. raised its stake in shares of Pinnacle West Capital by 37.5% in the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock worth $12,397,000 after purchasing an additional 47,035 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

PNW has been the subject of several analyst reports. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Mizuho lowered their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Royal Bank of Canada lowered their price objective on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a research note on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price objective for the company. Finally, StockNews.com downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $73.00.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $74.50 on Wednesday. The stock has a fifty day simple moving average of $71.49 and a two-hundred day simple moving average of $72.11. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The firm has a market cap 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. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Announces Dividend

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

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.