Cetera Investment Advisers Raises Stock Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Cetera Investment Advisers boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,444 shares of the utilities provider’s stock after buying an additional 1,196 shares during the period. Cetera Investment Advisers’ holdings in Pinnacle West Capital were worth $2,900,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Invesco Ltd. lifted its stake in Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after acquiring an additional 1,045,788 shares during the period. Merewether Investment Management LP purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP lifted its position in shares of Pinnacle West Capital by 462.8% in the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after buying an additional 750,700 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock valued at $206,420,000 after purchasing an additional 610,042 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Pinnacle West Capital by 173.1% during the 4th quarter. First Trust Advisors LP now owns 879,551 shares of the utilities provider’s stock worth $74,560,000 after purchasing an additional 557,539 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

PNW has been the topic of a number of research analyst reports. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price target on the stock. UBS Group reissued a “neutral” rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. KeyCorp dropped their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $96.78.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $92.37 on Wednesday. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The company has a 50-day simple moving average of $90.33 and a 200-day simple moving average of $90.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 9.61 and a beta of 0.38.

Pinnacle West Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio is currently 71.17%.

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.