Pinnacle West Capital Co. (PNW) Shares Sold by MUFG Americas Holdings Corp

MUFG Americas Holdings Corp lowered its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,833 shares of the utilities provider’s stock after selling 1,425 shares during the quarter. MUFG Americas Holdings Corp’s holdings in Pinnacle West Capital were worth $2,541,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Partners raised its position in shares of Pinnacle West Capital by 24.3% during the fourth quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock worth $299,117,000 after purchasing an additional 687,119 shares during the period. American Century Companies Inc. raised its position in shares of Pinnacle West Capital by 2.5% during the fourth quarter. American Century Companies Inc. now owns 2,674,862 shares of the utilities provider’s stock worth $227,845,000 after purchasing an additional 64,083 shares during the period. Bank of New York Mellon Corp raised its position in shares of Pinnacle West Capital by 0.3% during the third quarter. Bank of New York Mellon Corp now owns 1,213,084 shares of the utilities provider’s stock worth $102,581,000 after purchasing an additional 3,491 shares during the period. Legal & General Group Plc raised its position in shares of Pinnacle West Capital by 5.7% during the third quarter. Legal & General Group Plc now owns 976,307 shares of the utilities provider’s stock worth $82,555,000 after purchasing an additional 52,287 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Pinnacle West Capital by 7.8% during the third quarter. First Trust Advisors LP now owns 873,303 shares of the utilities provider’s stock worth $73,847,000 after purchasing an additional 62,896 shares during the period. 82.54% of the stock is currently owned by institutional investors.

PNW has been the topic of a number of research analyst reports. Bank of America assumed coverage on Pinnacle West Capital in a research report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price target on the stock. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a research report on Thursday, October 26th. SunTrust Banks reissued a “hold” rating and issued a $88.00 target price on shares of Pinnacle West Capital in a research report on Monday, October 30th. ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Morgan Stanley lifted their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company’s stock. Pinnacle West Capital has an average rating of “Hold” and an average price target of $85.30.

In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 24,216 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $79.21, for a total transaction of $1,918,149.36. Following the transaction, the chairman now owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David P. Falck sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $89.07, for a total value of $400,815.00. Following the transaction, the executive vice president now directly owns 40,838 shares in the company, valued at approximately $3,637,440.66. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.

Shares of Pinnacle West Capital Co. (NYSE:PNW) opened at $78.69 on Friday. Pinnacle West Capital Co. has a 1 year low of $73.81 and a 1 year high of $92.48. The stock has a market capitalization of $8,721.63, a P/E ratio of 17.00, a P/E/G ratio of 5.57 and a beta of 0.27. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 1st will be given a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend is Wednesday, January 31st. Pinnacle West Capital’s dividend payout ratio is presently 60.04%.

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Pinnacle West Capital Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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

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