Fortitude Family Office LLC Boosts Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Fortitude Family Office LLC boosted its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 140.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,946 shares of the utilities provider’s stock after purchasing an additional 1,722 shares during the quarter. Fortitude Family Office LLC’s holdings in Pinnacle West Capital were worth $250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after purchasing an additional 1,379,368 shares in the last quarter. State Street Corp raised its position in Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after buying an additional 56,644 shares during the last quarter. Zimmer Partners LP lifted its stake in Pinnacle West Capital by 5.7% during the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after acquiring an additional 155,466 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Pinnacle West Capital by 0.5% during the 3rd 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 during the last quarter. Finally, Empower Advisory Group LLC grew its stake in shares of Pinnacle West Capital by 2.0% in the third quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider’s stock worth $86,230,000 after acquiring an additional 18,673 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PNW shares. Citigroup increased their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Finally, Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus price target of $84.65.

Pinnacle West Capital Stock Up 0.3 %

Shares of PNW stock opened at $83.41 on Friday. The company has a market capitalization of $9.48 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.10 and a beta of 0.56. 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 company’s fifty day moving average price is $88.61 and its 200-day moving average price is $86.50. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $95.42.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.29%. Pinnacle West Capital’s payout ratio is 67.80%.

Pinnacle West Capital 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.