Massachusetts Financial Services Co. MA reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,335,756 shares of the utilities provider’s stock after selling 18,232 shares during the period. Massachusetts Financial Services Co. MA owned 1.19% of Pinnacle West Capital worth $129,662,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in Pinnacle West Capital by 286.8% during the third quarter. Tower Research Capital LLC TRC now owns 6,820 shares of the utilities provider’s stock worth $662,000 after purchasing an additional 5,057 shares in the last quarter. SG Americas Securities LLC raised its holdings in Pinnacle West Capital by 39.5% during the third quarter. SG Americas Securities LLC now owns 73,273 shares of the utilities provider’s stock worth $7,113,000 after purchasing an additional 20,766 shares in the last quarter. First Trust Advisors LP raised its holdings in Pinnacle West Capital by 11.3% during the third quarter. First Trust Advisors LP now owns 978,272 shares of the utilities provider’s stock worth $94,961,000 after purchasing an additional 99,307 shares in the last quarter. Unigestion Holding SA raised its holdings in Pinnacle West Capital by 51.8% during the third quarter. Unigestion Holding SA now owns 766,655 shares of the utilities provider’s stock worth $74,419,000 after purchasing an additional 261,525 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Pinnacle West Capital by 23.5% during the third quarter. Daiwa Securities Group Inc. now owns 5,033 shares of the utilities provider’s stock worth $489,000 after purchasing an additional 959 shares in the last quarter. Institutional investors own 88.32% of the company’s stock.

Pinnacle West Capital stock traded up $0.42 during mid-day trading on Thursday, hitting $86.36. The company’s stock had a trading volume of 6,488 shares, compared to its average volume of 930,236. The company has a quick ratio of 0.52, a current ratio of 0.71 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $9.56 billion, a P/E ratio of 18.99, a P/E/G ratio of 3.03 and a beta of 0.06. Pinnacle West Capital Co. has a twelve month low of $81.63 and a twelve month high of $99.81. The stock’s fifty day moving average price is $93.93 and its two-hundred day moving average price is $94.52.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.00 by ($0.23). Pinnacle West Capital had a return on equity of 9.19% and a net margin of 14.07%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm posted $2.80 EPS. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. Equities analysts expect that Pinnacle West Capital Co. will post 4.7 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.7825 per share. This represents a $3.13 annualized dividend and a yield of 3.62%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle West Capital’s payout ratio is presently 68.94%.

Several brokerages recently commented on PNW. UBS Group boosted their target price on Pinnacle West Capital from $99.00 to $104.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Credit Suisse Group boosted their target price on Pinnacle West Capital from $101.00 to $108.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Tuesday, July 30th. Morgan Stanley dropped their target price on Pinnacle West Capital from $95.00 to $87.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Finally, Williams Capital restated a “hold” rating and issued a $97.00 price target (up previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $95.83.

Pinnacle West Capital Company Profile

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 generating facilities. The company serves approximately 1.2 million customers.

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

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