Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 0.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,417 shares of the utilities provider’s stock after selling 256 shares during the quarter. Meritage Portfolio Management owned 0.06% of Pinnacle West Capital worth $4,771,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNW. Financial Gravity Asset Management Inc. lifted its stake in Pinnacle West Capital by 338.3% during the third quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after buying an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. purchased a new stake in Pinnacle West Capital during the fourth quarter valued at about $26,000. Tobam lifted its stake in Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 393 shares in the last quarter. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 985.7% during the fourth quarter. Blue Trust Inc. now owns 532 shares of the utilities provider’s stock valued at $39,000 after buying an additional 483 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in Pinnacle West Capital during the third quarter valued at about $52,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PNW shares. StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a research report on Monday, January 22nd. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Royal Bank of Canada cut their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Finally, LADENBURG THALM/SH SH started coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 price objective on the stock. One equities 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 company. According to MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus target price of $73.00.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded down $0.34 during midday trading on Thursday, hitting $74.20. The company had a trading volume of 766,721 shares, compared to its average volume of 1,338,624. The stock has a market cap of $8.43 billion, a PE ratio of 16.90, a P/E/G ratio of 2.09 and a beta of 0.49. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The business’s 50 day simple moving average is $71.64 and its two-hundred day simple moving average is $72.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a $0.88 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a yield of 4.74%. Pinnacle West Capital’s dividend payout ratio (DPR) 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.