Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 57,452 shares of the utilities provider’s stock after selling 275 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Pinnacle West Capital were worth $4,127,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in PNW. National Bank of Canada FI raised its position in shares of Pinnacle West Capital by 27.2% in the 3rd quarter. National Bank of Canada FI now owns 24,685 shares of the utilities provider’s stock valued at $1,759,000 after purchasing an additional 5,282 shares in the last quarter. CWM LLC raised its position in shares of Pinnacle West Capital by 9.6% in the 3rd quarter. CWM LLC now owns 9,316 shares of the utilities provider’s stock valued at $686,000 after purchasing an additional 816 shares in the last quarter. IFP Advisors Inc raised its position in shares of Pinnacle West Capital by 37.3% in the 3rd quarter. IFP Advisors Inc now owns 2,465 shares of the utilities provider’s stock valued at $182,000 after purchasing an additional 670 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Pinnacle West Capital by 68.8% in the 3rd quarter. SG Americas Securities LLC now owns 36,687 shares of the utilities provider’s stock valued at $2,703,000 after purchasing an additional 14,956 shares in the last quarter. Finally, Summit Global Investments acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at approximately $492,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on PNW. Mizuho cut their target price on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Royal Bank of Canada cut their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Barclays upped their price target on Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price target for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Morgan Stanley upped their price target on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $73.00.

Pinnacle West Capital Price Performance

Shares of PNW opened at $74.50 on Wednesday. The company has a market cap of $8.46 billion, a P/E ratio of 16.89, a PEG ratio of 2.09 and a beta of 0.49. The stock has a fifty day moving average price of $71.49 and a 200 day moving average price of $72.11. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $86.03.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.72%. Pinnacle West Capital’s payout ratio is currently 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.