ING Groep NV Sells 54,850 Shares of Pinnacle West Capital Corporation $PNW

ING Groep NV reduced its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 64.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,361 shares of the utilities provider’s stock after selling 54,850 shares during the period. ING Groep NV’s holdings in Pinnacle West Capital were worth $2,722,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gateway Investment Advisers LLC boosted its stake in Pinnacle West Capital by 0.3% in the 3rd quarter. Gateway Investment Advisers LLC now owns 44,998 shares of the utilities provider’s stock valued at $4,035,000 after buying an additional 114 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Pinnacle West Capital by 27.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 542 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 117 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in shares of Pinnacle West Capital by 0.9% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider’s stock worth $1,209,000 after purchasing an additional 122 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Pinnacle West Capital by 11.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,330 shares of the utilities provider’s stock worth $119,000 after purchasing an additional 140 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its holdings in Pinnacle West Capital by 2.9% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 5,165 shares of the utilities provider’s stock valued at $463,000 after purchasing an additional 148 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 2.2%

NYSE PNW opened at $99.43 on Friday. The stock has a market capitalization of $11.90 billion, a P/E ratio of 20.42, a price-to-earnings-growth ratio of 5.83 and a beta of 0.54. Pinnacle West Capital Corporation has a 52 week low of $85.32 and a 52 week high of $99.69. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.49 and a current ratio of 0.67. The stock has a fifty day moving average of $90.88 and a 200-day moving average of $90.20.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be given a dividend of $0.91 per share. The ex-dividend date is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. Pinnacle West Capital’s dividend payout ratio is presently 74.74%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group upped their price objective on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 17th. BMO Capital Markets restated a “market perform” rating and set a $99.00 price target on shares of Pinnacle West Capital in a research report on Monday, October 20th. Barclays cut their price objective on Pinnacle West Capital from $95.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Morgan Stanley restated an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $96.42.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.