Xponance Inc. Cuts Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Xponance Inc. decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 33.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 14,414 shares of the utilities provider’s stock after selling 7,389 shares during the period. Xponance Inc.’s holdings in Pinnacle West Capital were worth $1,036,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Barclays PLC raised its holdings in Pinnacle West Capital by 99.4% during the 3rd quarter. Barclays PLC now owns 332,043 shares of the utilities provider’s stock valued at $24,465,000 after buying an additional 165,495 shares during the period. UBS Group AG raised its stake in shares of Pinnacle West Capital by 83.2% in the third quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock valued at $22,750,000 after acquiring an additional 140,215 shares during the period. Trexquant Investment LP purchased a new position in shares of Pinnacle West Capital during the 3rd quarter worth about $6,709,000. Assenagon Asset Management S.A. bought a new position in Pinnacle West Capital during the 4th quarter valued at about $5,994,000. Finally, Hudson Bay Capital Management LP raised its position in Pinnacle West Capital by 254.3% in the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock worth $8,485,000 after purchasing an additional 82,660 shares during the period. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

PNW stock opened at $74.20 on Friday. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 2.09 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.03. The firm has a 50-day simple moving average of $71.77 and a two-hundred day simple moving average of $72.14.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a yield of 4.74%. Pinnacle West Capital’s dividend payout ratio is currently 79.82%.

Analyst Ratings Changes

PNW has been the topic of several recent analyst reports. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price target for the stock from $68.00 to $71.00 in a report on Monday, March 11th. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price objective on the stock. Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Wells Fargo & Company cut their price target 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. Finally, Mizuho lowered their price objective on shares of 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. One equities research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $73.00.

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.