Rockland Trust Co. Sells 1,080 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Rockland Trust Co. trimmed its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,266 shares of the utilities provider’s stock after selling 1,080 shares during the period. Rockland Trust Co.’s holdings in Pinnacle West Capital were worth $1,125,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Venturi Wealth Management LLC raised its position in shares of Pinnacle West Capital by 124.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Pinnacle West Capital during the third quarter worth $43,000. Kennebec Savings Bank bought a new stake in Pinnacle West Capital in the third quarter valued at about $64,000. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock valued at $96,000 after buying an additional 712 shares during the period. Finally, Crewe Advisors LLC boosted its holdings in Pinnacle West Capital by 39.2% during the third quarter. Crewe Advisors LLC now owns 1,100 shares of the utilities provider’s stock worth $97,000 after buying an additional 310 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

PNW opened at $83.31 on Wednesday. The firm has a market capitalization of $9.47 billion, a PE ratio of 15.78, a PEG ratio of 2.10 and a beta of 0.56. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The business’s 50-day simple moving average is $88.39 and its 200 day simple moving average is $86.79. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 3rd will be paid a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.30%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Citigroup upped their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research report on Wednesday, December 4th. Wells Fargo & Company upped their price objective 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, Morgan Stanley reduced their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $84.65.

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.