Versor Investments LP Increases Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Versor Investments LP lifted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 30.4% during the third quarter, HoldingsChannel.com reports. The fund owned 12,000 shares of the utilities provider’s stock after purchasing an additional 2,800 shares during the quarter. Versor Investments LP’s holdings in Pinnacle West Capital were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Venturi Wealth Management LLC grew its position in shares of Pinnacle West Capital by 124.6% during the third 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 last quarter. Wolverine Asset Management LLC purchased a new position in shares of Pinnacle West Capital during the third quarter worth approximately $2,514,000. Kennebec Savings Bank purchased a new position in shares of Pinnacle West Capital during the third quarter worth approximately $64,000. Crossmark Global Holdings Inc. grew its position in shares of Pinnacle West Capital by 2.6% during the third quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock worth $583,000 after acquiring an additional 169 shares during the last quarter. Finally, CWA Asset Management Group LLC acquired a new stake in shares of Pinnacle West Capital during the third quarter worth $1,168,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Wells Fargo & Company increased their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley increased their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $80.96.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $91.91 on Tuesday. The company has a market cap of $10.45 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 2.15 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.48 and a current ratio of 0.71. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $93.12. The business has a fifty day moving average of $88.43 and a two-hundred day moving average of $82.84.

Pinnacle West Capital Increases Dividend

The company also recently declared 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. This represents a $3.58 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Monday, November 4th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 67.80%.

About Pinnacle West Capital

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.