Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 49.2% in the third quarter, HoldingsChannel.com reports. The fund owned 3,509 shares of the utilities provider’s stock after buying an additional 1,157 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Pinnacle West Capital were worth $311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PNW. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital during the third quarter worth $43,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital in the second quarter worth $52,000. Finally, Kennebec Savings Bank purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at $64,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $87.55 on Monday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42. The firm has a market capitalization of $9.95 billion, a P/E ratio of 16.58, a P/E/G ratio of 2.10 and a beta of 0.54. The business’s 50-day simple moving average is $89.67 and its 200-day simple moving average is $85.54.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 4.09%. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

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.