MQS Management LLC Takes Position in Pinnacle West Capital Co. (NYSE:PNW)

MQS Management LLC acquired a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,716 shares of the utilities provider’s stock, valued at approximately $506,000.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the first quarter valued at approximately $30,000. Venturi Wealth Management LLC boosted its holdings in shares of 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. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the second quarter worth approximately $52,000. Finally, First Horizon Advisors Inc. raised its position in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.3 %

PNW stock opened at $91.22 on Thursday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm’s fifty day simple moving average is $88.62 and its 200-day simple moving average is $83.15. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $93.12. The company has a market capitalization of $10.37 billion, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be issued a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is 67.80%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wells Fargo & Company raised their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley upped their target price 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. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Seven investment 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 stock currently has an average rating of “Hold” and an average target price of $80.96.

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.