Icon Advisers Inc. Co. purchased a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,300 shares of the utilities provider’s stock, valued at approximately $736,000.

A number of other large investors have also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Pinnacle West Capital by 13.7% during the second quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock valued at $1,098,218,000 after purchasing an additional 1,642,393 shares in the last quarter. Boston Partners lifted its holdings in Pinnacle West Capital by 2.6% during the second quarter. Boston Partners now owns 3,686,438 shares of the utilities provider’s stock valued at $296,979,000 after purchasing an additional 93,700 shares in the last quarter. American Century Companies Inc. lifted its holdings in Pinnacle West Capital by 9.9% during the third quarter. American Century Companies Inc. now owns 2,910,120 shares of the utilities provider’s stock valued at $230,423,000 after purchasing an additional 261,996 shares in the last quarter. Millennium Management LLC lifted its holdings in Pinnacle West Capital by 34.1% during the second quarter. Millennium Management LLC now owns 2,496,216 shares of the utilities provider’s stock valued at $201,095,000 after purchasing an additional 634,929 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Pinnacle West Capital by 16.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,431,121 shares of the utilities provider’s stock valued at $113,316,000 after purchasing an additional 206,126 shares in the last quarter. 82.12% of the stock is currently owned by institutional investors and hedge funds.

PNW has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a report on Monday, July 16th. Wells Fargo & Co raised shares of Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. UBS Group boosted their target price on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 10th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Credit Suisse Group boosted their target price on shares of Pinnacle West Capital from $87.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, October 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $85.00.

PNW stock opened at $88.47 on Friday. Pinnacle West Capital Co. has a one year low of $73.41 and a one year high of $92.48. The company has a current ratio of 0.50, a quick ratio of 0.36 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $9.56 billion, a PE ratio of 20.53, a P/E/G ratio of 4.27 and a beta of 0.04.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, November 8th. The utilities provider reported $2.80 EPS for the quarter, topping the consensus estimate of $2.75 by $0.05. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.15 billion. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.46 earnings per share. On average, equities research analysts predict that Pinnacle West Capital Co. will post 4.47 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 1st will be paid a dividend of $0.7375 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.95 dividend on an annualized basis and a yield of 3.33%. Pinnacle West Capital’s dividend payout ratio is presently 67.82%.

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About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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