Alps Advisors Inc. Lowers Position in Pinnacle West Capital Corporation $PNW

Alps Advisors Inc. reduced its position in Pinnacle West Capital Corporation (NYSE:PNW) by 72.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,894 shares of the utilities provider’s stock after selling 26,258 shares during the quarter. Alps Advisors Inc.’s holdings in Pinnacle West Capital were worth $887,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in PNW. Canada Post Corp Registered Pension Plan grew its holdings in Pinnacle West Capital by 413.9% during the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 2,148 shares of the utilities provider’s stock valued at $188,000 after purchasing an additional 1,730 shares in the last quarter. Ironwood Investment Counsel LLC boosted its position in Pinnacle West Capital by 107.2% during the 3rd quarter. Ironwood Investment Counsel LLC now owns 15,582 shares of the utilities provider’s stock valued at $1,397,000 after purchasing an additional 8,061 shares during the period. Savant Capital LLC increased its holdings in shares of Pinnacle West Capital by 2.9% in the 3rd quarter. Savant Capital LLC now owns 5,549 shares of the utilities provider’s stock worth $497,000 after acquiring an additional 154 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Pinnacle West Capital by 110.5% during the third quarter. Envestnet Asset Management Inc. now owns 202,359 shares of the utilities provider’s stock worth $18,144,000 after buying an additional 106,244 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in shares of Pinnacle West Capital by 471.6% during the third quarter. Hantz Financial Services Inc. now owns 1,309 shares of the utilities provider’s stock valued at $117,000 after purchasing an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 1.4%

Shares of Pinnacle West Capital stock opened at $97.38 on Friday. The stock has a market cap of $11.66 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 5.75 and a beta of 0.54. The business has a fifty day simple moving average of $90.65 and a 200 day simple moving average of $90.13. The company has a quick ratio of 0.49, a current ratio of 0.67 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Corporation has a 12 month low of $85.32 and a 12 month high of $98.92.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Monday, February 2nd. Pinnacle West Capital’s dividend payout ratio is 74.74%.

Analysts Set New Price Targets

Several brokerages have commented on PNW. UBS Group boosted their price target on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 17th. Wells Fargo & Company lowered their target price on Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 20th. Jefferies Financial Group reiterated a “buy” rating and issued a $115.00 price objective on shares of Pinnacle West Capital in a report on Tuesday, November 4th. Zacks Research raised Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, TD Cowen assumed coverage on shares of Pinnacle West Capital in a report on Thursday, October 16th. They issued a “hold” rating and a $97.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus price target of $96.42.

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.