Rockland Trust Co. Sells 1,080 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Rockland Trust Co. lessened its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,266 shares of the utilities provider’s stock after selling 1,080 shares during the quarter. Rockland Trust Co.’s holdings in Pinnacle West Capital were worth $1,125,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNW. Venturi Wealth Management LLC boosted its stake in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $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 3rd quarter valued at $43,000. Kennebec Savings Bank acquired a new stake in Pinnacle West Capital during the 3rd quarter valued at $64,000. Blue Trust Inc. boosted its position in Pinnacle West Capital by 193.5% during the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock worth $96,000 after purchasing an additional 712 shares during the period. Finally, Crewe Advisors LLC increased its holdings in shares of Pinnacle West Capital by 39.2% in the third quarter. Crewe Advisors LLC now owns 1,100 shares of the utilities provider’s stock valued at $97,000 after purchasing an additional 310 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

PNW opened at $83.31 on Wednesday. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The business’s fifty day moving average is $88.39 and its 200-day moving average is $86.79. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The firm has a market cap of $9.47 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be given a dividend of $0.895 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.30%. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PNW. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price for the company. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Morgan Stanley dropped their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, Citigroup upped their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $84.65.

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.