Pinnacle West Capital Co. (NYSE:PNW) Shares Acquired by abrdn plc

abrdn plc raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 120.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 58,335 shares of the utilities provider’s stock after buying an additional 31,821 shares during the period. abrdn plc’s holdings in Pinnacle West Capital were worth $4,191,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. increased its stake in shares of Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $26,000. Tobam increased its stake in shares of Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 393 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Pinnacle West Capital by 985.7% during the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 483 shares during the last quarter. Finally, First Command Advisory Services Inc. acquired a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $52,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE:PNW opened at $73.69 on Friday. 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 Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a 50 day moving average of $71.88 and a two-hundred day moving average of $72.13. The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 2.09 and a beta of 0.49.

Pinnacle West Capital Dividend Announcement

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 given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 4.78%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio (DPR) is 79.82%.

Analyst Ratings Changes

A number of research firms have recently commented on PNW. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Wells Fargo & Company dropped their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, January 26th. UBS Group raised shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Royal Bank of Canada dropped their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research report on Friday, March 1st. Finally, Evercore ISI dropped their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.