Beacon Investment Advisory Services Inc. Increases Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Beacon Investment Advisory Services Inc. increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,593 shares of the utilities provider’s stock after purchasing an additional 1,466 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Pinnacle West Capital were worth $4,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after buying an additional 1,379,368 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Pinnacle West Capital by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after acquiring an additional 44,029 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after acquiring an additional 5,066 shares in the last quarter. Empower Advisory Group LLC increased its holdings in Pinnacle West Capital by 2.0% in the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock valued at $86,230,000 after acquiring an additional 18,673 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Pinnacle West Capital by 31.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock worth $64,550,000 after purchasing an additional 200,816 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 0.9 %

Shares of NYSE:PNW opened at $93.70 on Monday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $95.42. 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 has a market capitalization of $10.65 billion, a PE ratio of 17.75, a price-to-earnings-growth ratio of 2.22 and a beta of 0.52. The business has a 50 day simple moving average of $89.38 and a two-hundred day simple moving average of $84.60.

Pinnacle West Capital Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, November 4th. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.82%. Pinnacle West Capital’s dividend payout ratio is presently 67.80%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PNW shares. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their target price 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 on the stock in a research report on Friday, November 22nd. Finally, Wells Fargo & Company increased 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. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Company Profile

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.