Pinnacle West Capital Corporation $PNW Stock Holdings Lifted by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 110.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 202,359 shares of the utilities provider’s stock after purchasing an additional 106,244 shares during the period. Envestnet Asset Management Inc. owned 0.17% of Pinnacle West Capital worth $18,144,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. AE Wealth Management LLC increased its position in Pinnacle West Capital by 4,666.1% during the second quarter. AE Wealth Management LLC now owns 139,599 shares of the utilities provider’s stock worth $12,490,000 after buying an additional 136,670 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $16,292,000. Y Intercept Hong Kong Ltd raised its stake in shares of Pinnacle West Capital by 164.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,748 shares of the utilities provider’s stock valued at $4,012,000 after acquiring an additional 27,832 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Pinnacle West Capital by 556.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,208 shares of the utilities provider’s stock valued at $1,633,000 after acquiring an additional 15,434 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new stake in Pinnacle West Capital in the 3rd quarter worth approximately $2,234,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PNW shares. Zacks Research upgraded Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. UBS Group lifted their price objective on Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 17th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $103.00 target price on shares of Pinnacle West Capital in a research report on Friday, January 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus target price of $96.42.

Pinnacle West Capital Stock Up 2.2%

Shares of NYSE:PNW opened at $99.43 on Friday. The company’s fifty day moving average is $90.88 and its 200-day moving average is $90.21. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.49 and a current ratio of 0.67. Pinnacle West Capital Corporation has a 52 week low of $85.32 and a 52 week high of $99.69. The company has a market capitalization of $11.90 billion, a PE ratio of 20.42, a P/E/G ratio of 5.95 and a beta of 0.54.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 2nd will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 74.74%.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.