International Assets Investment Management LLC Raises Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

International Assets Investment Management LLC raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1,650.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,417 shares of the utilities provider’s stock after purchasing an additional 9,822 shares during the quarter. International Assets Investment Management LLC’s holdings in Pinnacle West Capital were worth $748,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. National Bank of Canada FI increased its holdings in Pinnacle West Capital by 27.2% in the 3rd quarter. National Bank of Canada FI now owns 24,685 shares of the utilities provider’s stock worth $1,759,000 after buying an additional 5,282 shares during the period. CWM LLC boosted its holdings in Pinnacle West Capital by 9.6% in the third quarter. CWM LLC now owns 9,316 shares of the utilities provider’s stock valued at $686,000 after purchasing an additional 816 shares during the last quarter. IFP Advisors Inc grew its position in Pinnacle West Capital by 37.3% during the 3rd quarter. IFP Advisors Inc now owns 2,465 shares of the utilities provider’s stock worth $182,000 after purchasing an additional 670 shares during the period. SG Americas Securities LLC raised its stake in shares of Pinnacle West Capital by 68.8% during the 3rd quarter. SG Americas Securities LLC now owns 36,687 shares of the utilities provider’s stock valued at $2,703,000 after buying an additional 14,956 shares during the last quarter. Finally, Summit Global Investments acquired a new position in shares of Pinnacle West Capital in the 3rd quarter valued at about $492,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $74.50 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The stock’s 50 day simple moving average is $71.49 and its 200-day simple moving average is $72.11. The company has a market cap of $8.46 billion, a PE ratio of 16.89, a price-to-earnings-growth 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.

Pinnacle West Capital Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently commented on PNW shares. LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They set a “neutral” rating and a $69.00 target price on the stock. 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 report on Thursday, March 21st. Guggenheim upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Monday, January 22nd. Mizuho reduced their price target on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Finally, Royal Bank of Canada dropped their price objective on 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $73.00.

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.