Beacon Investment Advisory Services Inc. Increases Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Beacon Investment Advisory Services Inc. boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 3.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,593 shares of the utilities provider’s stock after purchasing an additional 1,466 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Pinnacle West Capital were worth $4,305,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PNW. Blue Trust Inc. grew its position in Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in Pinnacle West Capital in the 3rd quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the 2nd quarter valued at approximately $52,000. Finally, Kennebec Savings Bank purchased a new stake in Pinnacle West Capital during the 3rd quarter valued at $64,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Morgan Stanley lowered their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Price Performance

NYSE PNW opened at $93.70 on Monday. The business’s fifty day moving average is $89.38 and its 200 day moving average is $84.60. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42. 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 company has a market capitalization of $10.65 billion, a PE ratio of 17.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, November 4th. Pinnacle West Capital’s payout ratio is presently 67.80%.

About Pinnacle West Capital

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.