Virtu Financial LLC Invests $882,000 in Pinnacle West Capital Co. (NYSE:PNW)

Virtu Financial LLC acquired a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,953 shares of the utilities provider’s stock, valued at approximately $882,000.

Several other hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. increased its position in Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the period. Venturi Wealth Management LLC increased its holdings in Pinnacle West Capital by 124.6% in the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital during the 3rd quarter worth $43,000. Ashton Thomas Private Wealth LLC acquired a new position in Pinnacle West Capital during the 2nd quarter worth about $52,000. Finally, First Horizon Advisors Inc. grew its position in shares of Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after buying an additional 137 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNW has been the subject of a number of analyst reports. Citigroup raised their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. 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 price target on shares of 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. 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 price objective on the stock. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Stock Performance

PNW opened at $87.55 on Friday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42. The company has a market cap of $9.95 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 2.10 and a beta of 0.54. The company’s fifty day moving average price is $89.67 and its two-hundred day moving average price is $85.40. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital Dividend Announcement

The firm 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 $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a yield of 4.09%. 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.