Retirement Systems of Alabama Reduces Holdings in Pinnacle West Capital Co. (PNW)

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Retirement Systems of Alabama lessened its stake in Pinnacle West Capital Co. (NYSE:PNW) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,637 shares of the utilities provider’s stock after selling 821 shares during the quarter. Retirement Systems of Alabama’s holdings in Pinnacle West Capital were worth $4,089,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock valued at $1,098,218,000 after buying an additional 1,642,393 shares during the period. Boston Partners increased its stake in Pinnacle West Capital by 2.6% in the 2nd quarter. Boston Partners now owns 3,686,438 shares of the utilities provider’s stock valued at $296,979,000 after buying an additional 93,700 shares during the period. Millennium Management LLC increased its stake in Pinnacle West Capital by 34.1% in the 2nd quarter. Millennium Management LLC now owns 2,496,216 shares of the utilities provider’s stock valued at $201,095,000 after buying an additional 634,929 shares during the period. Renaissance Technologies LLC increased its stake in Pinnacle West Capital by 27.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,366,800 shares of the utilities provider’s stock valued at $110,109,000 after buying an additional 294,600 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Pinnacle West Capital by 0.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,215,024 shares of the utilities provider’s stock valued at $97,881,000 after buying an additional 8,016 shares during the period. Hedge funds and other institutional investors own 82.12% of the company’s stock.

PNW has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $78.00 to $85.00 and gave the stock a “hold” rating in a research note on Monday, July 16th. Wells Fargo & Co upgraded shares of Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a research note on Monday, August 6th. UBS Group increased their price target on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. Zacks Investment Research lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Credit Suisse Group increased their price target on shares of Pinnacle West Capital from $87.00 to $88.00 and gave the stock an “outperform” rating in a research note on Friday, October 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Pinnacle West Capital has an average rating of “Hold” and an average price target of $84.20.

Shares of PNW opened at $84.65 on Wednesday. Pinnacle West Capital Co. has a 12 month low of $73.41 and a 12 month high of $92.48. The firm has a market cap of $9.22 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 4.12 and a beta of 0.04. The company has a current ratio of 0.50, a quick ratio of 0.36 and a debt-to-equity ratio of 0.81.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 1st will be paid a dividend of $0.7375 per share. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.70. The ex-dividend date is Wednesday, October 31st. This represents a $2.95 annualized dividend and a dividend yield of 3.48%. Pinnacle West Capital’s dividend payout ratio is 67.82%.

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About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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