Channing Capital Management LLC Buys 44,234 Shares of Pinnacle West Capital Corporation $PNW

Channing Capital Management LLC grew its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 62.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,541 shares of the utilities provider’s stock after acquiring an additional 44,234 shares during the quarter. Channing Capital Management LLC owned about 0.10% of Pinnacle West Capital worth $10,270,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Caldwell Trust Co purchased a new stake in Pinnacle West Capital in the second quarter worth approximately $27,000. CYBER HORNET ETFs LLC bought a new position in shares of Pinnacle West Capital during the 2nd quarter valued at $27,000. Bayforest Capital Ltd purchased a new position in shares of Pinnacle West Capital in the 3rd quarter worth $29,000. Quent Capital LLC bought a new stake in shares of Pinnacle West Capital in the third quarter worth $30,000. Finally, MUFG Securities EMEA plc purchased a new stake in Pinnacle West Capital during the second quarter valued at $32,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNW. UBS Group raised their target price on Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Zacks Research upgraded shares of Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Wells Fargo & Company decreased their price target on shares of Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Finally, KeyCorp cut shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 12th. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $97.33.

Pinnacle West Capital Price Performance

NYSE PNW opened at $98.32 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.49 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 $100.55. The stock has a market cap of $11.77 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 5.89 and a beta of 0.54. The company’s 50 day moving average is $92.02 and its two-hundred day moving average is $90.46.

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 dividend of $0.91 per share. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 74.74%.

About Pinnacle West Capital

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.