Zurcher Kantonalbank Zurich Cantonalbank Acquires 1,251 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 5.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,763 shares of the utilities provider’s stock after acquiring an additional 1,251 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle West Capital were worth $1,707,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Financial Gravity Asset Management Inc. boosted its holdings in Pinnacle West Capital by 338.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 274 shares during the period. BOK Financial Private Wealth Inc. bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $26,000. Tobam grew its position in Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after buying an additional 393 shares in the last quarter. Blue Trust Inc. increased its stake 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. acquired a new position in Pinnacle West Capital in the 3rd quarter valued at $52,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Up 0.1 %

Shares of PNW opened at $74.54 on Thursday. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 2.09 and a beta of 0.49. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. The stock has a fifty day moving average of $71.64 and a 200-day moving average of $72.13.

Pinnacle West Capital Dividend Announcement

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

Analysts Set New Price Targets

PNW has been the topic of several analyst reports. Royal Bank of Canada reduced their target price 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. Guggenheim raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price on the stock in a report on Monday, January 22nd. Evercore ISI dropped their target price on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research report on Monday, March 4th. Mizuho reduced their price target on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Finally, StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $73.00.

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.