Kennebec Savings Bank Sells 165 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Kennebec Savings Bank lessened its position in Pinnacle West Capital Co. (NYSE:PNW) by 22.9% in the fourth quarter, HoldingsChannel reports. The firm owned 555 shares of the utilities provider’s stock after selling 165 shares during the quarter. Kennebec Savings Bank’s holdings in Pinnacle West Capital were worth $46,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. HITE Hedge Asset Management LLC lifted its position in Pinnacle West Capital by 261.2% during the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the period. XTX Topco Ltd bought a new stake in shares of Pinnacle West Capital in the 3rd quarter worth approximately $2,235,000. Principal Financial Group Inc. grew its stake in shares of Pinnacle West Capital by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after buying an additional 9,993 shares during the last quarter. Entropy Technologies LP increased its position in Pinnacle West Capital by 170.1% during the 3rd quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock valued at $2,686,000 after buying an additional 19,089 shares in the last quarter. Finally, Bridgewater Associates LP raised its stake in Pinnacle West Capital by 104.5% during the third quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider’s stock valued at $9,034,000 after buying an additional 52,095 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $87.15 on Friday. The stock has a market cap of $9.91 billion, a P/E ratio of 16.50, a P/E/G ratio of 3.40 and a beta of 0.56. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock’s fifty day moving average is $87.34 and its 200 day moving average is $87.44. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.11%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.80%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley dropped their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $85.21.

Pinnacle West Capital 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.