Paloma Partners Management Co lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 111.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,672 shares of the utilities provider’s stock after acquiring an additional 123,040 shares during the period. Pinnacle West Capital makes up 0.3% of Paloma Partners Management Co’s holdings, making the stock its 25th biggest holding. Paloma Partners Management Co owned 0.21% of Pinnacle West Capital worth $19,905,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Banced Corp bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $201,000. Kovack Advisors Inc. bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $202,000. Krilogy Financial LLC bought a new stake in shares of Pinnacle West Capital during the third quarter worth about $211,000. IBM Retirement Fund bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $281,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Pinnacle West Capital during the fourth quarter worth about $290,000. 82.65% of the stock is owned by institutional investors.
Pinnacle West Capital Co. (NYSE PNW) opened at $76.38 on Monday. Pinnacle West Capital Co. has a twelve month low of $73.81 and a twelve month high of $92.48. The firm has a market cap of $8,539.27, a PE ratio of 17.56, a P/E/G ratio of 5.77 and a beta of 0.31. The company has a current ratio of 0.85, a quick ratio of 0.61 and a debt-to-equity ratio of 0.93.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Shareholders of record on Thursday, February 1st were paid a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Wednesday, January 31st. Pinnacle West Capital’s payout ratio is 63.91%.
PNW has been the topic of several analyst reports. SunTrust Banks restated a “hold” rating and set a $79.00 price target on shares of Pinnacle West Capital in a report on Tuesday, March 6th. Morgan Stanley restated a “hold” rating and set a $84.00 price target (up from $80.00) on shares of Pinnacle West Capital in a report on Monday, February 26th. Bank of America set a $81.00 price target on shares of Pinnacle West Capital and gave the stock a “sell” rating in a report on Monday, February 26th. Royal Bank of Canada upgraded shares of Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a report on Thursday. Finally, UBS Group initiated coverage on shares of Pinnacle West Capital in a report on Friday, February 2nd. They set a “neutral” rating and a $81.00 price target on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $84.27.
In other Pinnacle West Capital news, EVP David P. Falck sold 4,500 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $89.07, for a total value of $400,815.00. Following the transaction, the executive vice president now directly owns 40,838 shares in the company, valued at $3,637,440.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn L. Munro sold 2,666 shares of the business’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $75.36, for a total transaction of $200,909.76. Following the completion of the transaction, the director now owns 15,630 shares in the company, valued at $1,177,876.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,465 shares of company stock worth $5,538,254. Corporate insiders own 0.70% of the company’s stock.
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Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.
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