Greenland Capital Management LP Has $8.38 Million Stock Holdings in Pinnacle West Capital Corporation $PNW

Greenland Capital Management LP boosted its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 257.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,470 shares of the utilities provider’s stock after purchasing an additional 67,356 shares during the period. Pinnacle West Capital comprises about 0.9% of Greenland Capital Management LP’s holdings, making the stock its 25th largest holding. Greenland Capital Management LP’s holdings in Pinnacle West Capital were worth $8,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNW. Norges Bank bought a new position in shares of Pinnacle West Capital in the 2nd quarter valued at $114,384,000. Vanguard Group Inc. grew its position in Pinnacle West Capital by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock worth $1,322,482,000 after acquiring an additional 316,629 shares during the last quarter. Reaves W H & Co. Inc. increased its holdings in Pinnacle West Capital by 21.3% in the 3rd quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider’s stock worth $161,757,000 after purchasing an additional 316,193 shares in the last quarter. Treasurer of the State of North Carolina raised its position in Pinnacle West Capital by 129.4% in the second quarter. Treasurer of the State of North Carolina now owns 384,629 shares of the utilities provider’s stock valued at $34,413,000 after purchasing an additional 216,984 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Pinnacle West Capital by 7.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider’s stock valued at $267,512,000 after purchasing an additional 203,136 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 1.3%

Shares of NYSE PNW opened at $99.66 on Tuesday. The company’s 50 day moving average price is $92.25 and its 200-day moving average price is $90.49. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.49 and a current ratio of 0.67. Pinnacle West Capital Corporation has a 52-week low of $85.32 and a 52-week high of $100.55. The company has a market capitalization of $11.93 billion, a P/E ratio of 20.46, a price-to-earnings-growth ratio of 5.89 and a beta of 0.54.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 2nd will be issued a $0.91 dividend. The ex-dividend date is Monday, February 2nd. This represents a $3.64 annualized dividend and a yield of 3.7%. Pinnacle West Capital’s payout ratio is presently 74.74%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research raised Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Wells Fargo & Company decreased their price target on shares of Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. KeyCorp downgraded shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 12th. Morgan Stanley set a $96.00 price objective on shares of Pinnacle West Capital in a research note on Friday. Finally, UBS Group increased their price objective on Pinnacle West Capital from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 17th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.33.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.