Russell Investments Group Ltd. Grows Position in Pinnacle West Capital Co. (NYSE:PNW)

Russell Investments Group Ltd. increased its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 36.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 254,798 shares of the utilities provider’s stock after acquiring an additional 67,958 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.23% of Pinnacle West Capital worth $20,321,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Meeder Asset Management Inc. raised its holdings in Pinnacle West Capital by 2.5% in the third quarter. Meeder Asset Management Inc. now owns 5,849 shares of the utilities provider’s stock worth $436,000 after purchasing an additional 141 shares in the last quarter. M&T Bank Corp raised its holdings in Pinnacle West Capital by 1.8% in the third quarter. M&T Bank Corp now owns 8,170 shares of the utilities provider’s stock worth $609,000 after purchasing an additional 141 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Pinnacle West Capital by 4.7% in the fourth quarter. Stratos Wealth Partners LTD. now owns 3,191 shares of the utilities provider’s stock worth $255,000 after purchasing an additional 143 shares in the last quarter. Norinchukin Bank The raised its holdings in Pinnacle West Capital by 1.6% in the third quarter. Norinchukin Bank The now owns 9,435 shares of the utilities provider’s stock worth $703,000 after purchasing an additional 146 shares in the last quarter. Finally, Princeton Global Asset Management LLC raised its holdings in Pinnacle West Capital by 75.0% in the third quarter. Princeton Global Asset Management LLC now owns 350 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 150 shares in the last quarter. 82.78% of the stock is owned by institutional investors.

PNW opened at $74.59 on Tuesday. Pinnacle West Capital Co. has a 52-week low of $60.05 and a 52-week high of $103.31. The company has a quick ratio of 0.90, a current ratio of 1.17 and a debt-to-equity ratio of 1.06. The company has a market cap of $8.40 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 4.47 and a beta of 0.25. The firm’s 50-day moving average price is $77.16 and its 200-day moving average price is $78.82.

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Monday, February 1st will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.45%. The ex-dividend date is Friday, January 29th. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.19. Pinnacle West Capital’s dividend payout ratio is 69.60%.

A number of equities analysts have commented on PNW shares. Morgan Stanley reduced their target price on shares of Pinnacle West Capital from $79.00 to $78.00 and set an “equal weight” rating for the company in a report on Wednesday, January 20th. Barclays boosted their target price on shares of Pinnacle West Capital from $89.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, November 18th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a report on Friday, December 11th. Finally, Credit Suisse Group cut their price objective on shares of Pinnacle West Capital from $92.00 to $86.00 and set an “outperform” rating on the stock in a report on Tuesday, January 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $86.78.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.

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

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