Bfsg LLC Sells 813 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Bfsg LLC decreased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 15.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,510 shares of the utilities provider’s stock after selling 813 shares during the quarter. Bfsg LLC’s holdings in Pinnacle West Capital were worth $324,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PNW. Financial Gravity Asset Management Inc. lifted its position in Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 274 shares during the period. BOK Financial Private Wealth Inc. acquired a new stake in Pinnacle West Capital during the 4th quarter worth about $26,000. Tobam lifted its position in Pinnacle West Capital by 2,620.0% during the 4th quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 393 shares during the period. Blue Trust Inc. lifted its position in Pinnacle West Capital by 985.7% during the 4th quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 483 shares during the period. Finally, First Command Advisory Services Inc. purchased a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $52,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PNW shares. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a research note on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price objective for the company. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their price target for the company from $68.00 to $71.00 in a research note on Monday, March 11th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Royal Bank of Canada cut their price target on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Finally, Wells Fargo & Company cut their price target on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $73.00.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.04 during trading hours on Wednesday, hitting $74.54. 931,855 shares of the stock were exchanged, compared to its average volume of 1,345,864. The company has a market cap of $8.46 billion, a P/E ratio of 16.89, a P/E/G ratio of 2.09 and a beta of 0.49. The firm’s fifty day moving average price is $71.49 and its 200 day moving average price is $72.11. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.72%. The ex-dividend date is Tuesday, April 30th. Pinnacle West Capital’s dividend payout ratio is currently 79.82%.

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.