BNP Paribas Financial Markets Has $17.79 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

BNP Paribas Financial Markets raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 73.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 200,755 shares of the utilities provider’s stock after purchasing an additional 84,887 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.18% of Pinnacle West Capital worth $17,785,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the period. Venturi Wealth Management LLC raised its holdings in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Prospera Private Wealth LLC acquired a new stake in Pinnacle West Capital during the third quarter worth approximately $43,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the second quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. grew its position in shares of Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PNW. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Stock Down 0.9 %

Shares of PNW opened at $93.70 on Friday. The firm has a 50 day simple moving average of $89.38 and a two-hundred day simple moving average of $84.55. The company has a market cap of $10.65 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.24 and a beta of 0.52. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, November 4th. Pinnacle West Capital’s dividend payout ratio is currently 67.80%.

Pinnacle West Capital 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.