Elkhorn Investments LLC lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,705 shares of the utilities provider’s stock after selling 733 shares during the period. Elkhorn Investments LLC’s holdings in Pinnacle West Capital were worth $1,207,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Banced Corp purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $201,000. Kovack Advisors Inc. purchased a new position in Pinnacle West Capital in the 4th quarter worth approximately $202,000. Krilogy Financial LLC purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at $211,000. IBM Retirement Fund purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $281,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $290,000. 82.65% of the stock is owned by institutional investors and hedge funds.
Pinnacle West Capital Co. (NYSE:PNW) traded up $1.05 during trading hours on Wednesday, reaching $77.47. 56,525 shares of the company were exchanged, compared to its average volume of 857,036. Pinnacle West Capital Co. has a 52 week low of $73.81 and a 52 week high of $92.48. The company has a quick ratio of 0.61, a current ratio of 0.85 and a debt-to-equity ratio of 0.93. The company has a market cap of $8,532.56, a price-to-earnings ratio of 17.57, a P/E/G ratio of 5.77 and a beta of 0.31.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 1st were issued a dividend of $0.695 per share. The ex-dividend date was Wednesday, January 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.59%. Pinnacle West Capital’s dividend payout ratio is currently 63.91%.
In related news, Director Kathryn L. Munro sold 2,666 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 15,630 shares in the company, valued at approximately $1,177,876.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David P. Falck sold 4,500 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $89.07, for a total transaction of $400,815.00. Following the sale, the executive vice president now owns 40,838 shares of the company’s stock, valued at $3,637,440.66. The disclosure for this sale can be found here. Insiders have sold a total of 70,465 shares of company stock valued at $5,538,254 over the last quarter. 0.70% of the stock is currently owned by company insiders.
A number of equities research analysts have recently issued reports on the stock. SunTrust Banks set a $81.00 price objective on shares of Pinnacle West Capital and gave the company a “hold” rating in a research note on Monday, February 12th. Royal Bank of Canada reaffirmed a “neutral” rating on shares of Pinnacle West Capital in a research note on Thursday, February 1st. Zacks Investment Research raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating and set a $89.00 price objective for the company in a research note on Monday, January 15th. Morgan Stanley reaffirmed a “hold” rating and issued a $84.00 price objective (up previously from $80.00) on shares of Pinnacle West Capital in a research note on Monday, February 26th. Finally, UBS Group assumed coverage on shares of Pinnacle West Capital in a research note on Friday, February 2nd. They issued a “neutral” rating and a $81.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $83.91.
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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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