Verition Fund Management LLC Sells 322,286 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Verition Fund Management LLC lessened its position in Pinnacle West Capital Co. (NYSE:PNW) by 72.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 124,349 shares of the utilities provider’s stock after selling 322,286 shares during the period. Verition Fund Management LLC owned approximately 0.11% of Pinnacle West Capital worth $11,016,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can increased its position in shares of Pinnacle West Capital by 12.6% in the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock valued at $15,559,000 after buying an additional 22,696 shares in the last quarter. Entropy Technologies LP increased its holdings in shares of Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after acquiring an additional 19,089 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Pinnacle West Capital by 101.3% during the 2nd quarter. Fifth Third Bancorp now owns 5,837 shares of the utilities provider’s stock valued at $446,000 after purchasing an additional 2,937 shares in the last quarter. Empower Advisory Group LLC grew its position in shares of Pinnacle West Capital by 2.0% in the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after purchasing an additional 18,673 shares during the period. Finally, Convergence Investment Partners LLC bought a new stake in Pinnacle West Capital during the 2nd quarter worth approximately $712,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

PNW opened at $93.70 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 2.24 and a beta of 0.52. Pinnacle West Capital Co. has a 12-month low of $65.20 and a 12-month high of $95.42. The business has a 50 day moving average of $89.38 and a 200-day moving average of $84.55.

Pinnacle West Capital Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

Wall Street Analysts Forecast Growth

PNW has been the subject of several research analyst reports. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $93.00 to $91.00 in a report on Monday, November 18th. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Morgan Stanley decreased their price objective 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, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $81.88.

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.