California Public Employees Retirement System Purchases 7,341 Shares of Pinnacle West Capital Co. (NYSE:PNW)

California Public Employees Retirement System raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 1.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 649,736 shares of the utilities provider’s stock after purchasing an additional 7,341 shares during the quarter. California Public Employees Retirement System’s holdings in Pinnacle West Capital were worth $46,677,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Duality Advisers LP bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth $1,422,000. MCF Advisors LLC grew its holdings in Pinnacle West Capital by 9.2% during the 4th quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock worth $149,000 after acquiring an additional 174 shares during the last quarter. CWM LLC increased its position in Pinnacle West Capital by 6.8% in the 4th quarter. CWM LLC now owns 9,945 shares of the utilities provider’s stock valued at $714,000 after acquiring an additional 629 shares in the last quarter. abrdn plc raised its stake in shares of Pinnacle West Capital by 120.0% in the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after acquiring an additional 31,821 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $79,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. Royal Bank of Canada dropped their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a report on Friday, March 1st. StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. LADENBURG THALM/SH SH initiated coverage on Pinnacle West Capital in a research note on Wednesday, February 14th. They set a “neutral” rating and a $69.00 target price for the company. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the company from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Barclays upped their price target on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $73.00.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $73.68 on Friday. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 2.10 and a beta of 0.49. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03. The company’s fifty day moving average is $71.88 and its 200 day moving average is $72.14.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.78%. Pinnacle West Capital’s dividend payout ratio (DPR) is 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.