Blueshift Asset Management LLC Invests $314,000 in Pinnacle West Capital Co. (NYSE:PNW)

Blueshift Asset Management LLC purchased a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,546 shares of the utilities provider’s stock, valued at approximately $314,000.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% during 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 period. Cape Investment Advisory Inc. acquired a new stake in Pinnacle West Capital during the first quarter worth about $30,000. Venturi Wealth Management LLC lifted 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 worth $38,000 after acquiring an additional 238 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Pinnacle West Capital in the third quarter valued at approximately $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $52,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $94.52 on Friday. The stock has a market cap of $10.75 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $95.42. The stock’s 50 day moving average price is $89.31 and its 200 day moving average price is $84.38.

Pinnacle West Capital Increases Dividend

The company 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 is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 3.79%. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PNW shares. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of 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. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $81.88.

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.