Louisiana State Employees Retirement System Makes New $496,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

Louisiana State Employees Retirement System purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 6,900 shares of the utilities provider’s stock, valued at approximately $496,000.

Several other large investors have also recently made changes to their positions in PNW. FMR LLC lifted its stake in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. FMR LLC now owns 1,153,505 shares of the utilities provider’s stock worth $84,990,000 after purchasing an additional 11,591 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Pinnacle West Capital by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider’s stock worth $70,968,000 after purchasing an additional 9,696 shares during the last quarter. Empower Advisory Group LLC lifted its stake in shares of Pinnacle West Capital by 1.5% during the 3rd quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider’s stock worth $65,346,000 after purchasing an additional 12,850 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Pinnacle West Capital by 4.4% during the 3rd quarter. California Public Employees Retirement System now owns 642,395 shares of the utilities provider’s stock worth $47,332,000 after purchasing an additional 27,082 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Pinnacle West Capital by 1.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 595,799 shares of the utilities provider’s stock worth $43,898,000 after purchasing an additional 8,436 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Barclays upped their price objective on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Evercore ISI reduced their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research report on Monday, March 4th. StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. 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 research report on Friday, March 1st. Finally, Morgan Stanley upped their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $73.42.

Pinnacle West Capital Stock Up 1.6 %

Shares of PNW stock opened at $74.89 on Tuesday. The stock’s 50-day simple moving average is $72.02 and its 200-day simple moving average is $72.11. 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 firm has a market capitalization of $8.50 billion, a PE ratio of 16.98, a P/E/G ratio of 2.08 and a beta of 0.49. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. 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 4.70%. Pinnacle West Capital’s dividend payout ratio is currently 79.82%.

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.