Allspring Global Investments Holdings LLC Sells 116,362 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 94.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,212 shares of the utilities provider’s stock after selling 116,362 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pinnacle West Capital were worth $518,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. International Assets Investment Management LLC grew its stake in shares of Pinnacle West Capital by 1,650.8% during the fourth quarter. International Assets Investment Management LLC now owns 10,417 shares of the utilities provider’s stock valued at $748,000 after buying an additional 9,822 shares during the last quarter. New York State Teachers Retirement System grew its stake in shares of Pinnacle West Capital by 8.1% during the fourth quarter. New York State Teachers Retirement System now owns 145,659 shares of the utilities provider’s stock valued at $10,464,000 after buying an additional 10,922 shares during the last quarter. Prime Capital Investment Advisors LLC grew its stake in shares of Pinnacle West Capital by 6.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock valued at $293,000 after buying an additional 233 shares during the last quarter. Sowell Financial Services LLC grew its stake in shares of Pinnacle West Capital by 2.9% during the fourth quarter. Sowell Financial Services LLC now owns 10,742 shares of the utilities provider’s stock valued at $772,000 after buying an additional 304 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in shares of Pinnacle West Capital by 44.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,895 shares of the utilities provider’s stock valued at $136,000 after buying an additional 581 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 0.5 %

Pinnacle West Capital stock opened at $74.20 on Friday. The business has a fifty day moving average of $71.77 and a two-hundred day moving average of $72.14. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. The firm has a market cap of $8.43 billion, a P/E ratio of 16.83, a P/E/G ratio of 2.09 and a beta of 0.49. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.74%. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNW. Evercore ISI lowered their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a report on Monday, March 4th. UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their price target for the company from $68.00 to $71.00 in a report on Monday, March 11th. Guggenheim upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a report on Monday, January 22nd. Mizuho lowered 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, LADENBURG THALM/SH SH began coverage on Pinnacle West Capital in a report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price target for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $73.00.

Pinnacle West Capital Company 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.