Meritage Portfolio Management Sells 256 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Meritage Portfolio Management lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.4% during the fourth quarter, HoldingsChannel reports. The firm owned 66,417 shares of the utilities provider’s stock after selling 256 shares during the quarter. Meritage Portfolio Management’s holdings in Pinnacle West Capital were worth $4,771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Barclays PLC increased its holdings in shares of Pinnacle West Capital by 99.4% during the 3rd quarter. Barclays PLC now owns 332,043 shares of the utilities provider’s stock worth $24,465,000 after acquiring an additional 165,495 shares during the last quarter. UBS Group AG increased its holdings in shares of Pinnacle West Capital by 83.2% during the 3rd quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after acquiring an additional 140,215 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth approximately $6,709,000. Assenagon Asset Management S.A. acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth approximately $5,994,000. Finally, Hudson Bay Capital Management LP increased its holdings in shares of Pinnacle West Capital by 254.3% during the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock worth $8,485,000 after acquiring an additional 82,660 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of PNW traded down $0.34 during trading hours on Thursday, hitting $74.20. 766,721 shares of the company were exchanged, compared to its average volume of 1,338,624. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.09 and a beta of 0.49. The firm’s fifty day moving average is $71.64 and its 200 day moving average is $72.13.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be given a dividend of $0.88 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.52 annualized dividend and a dividend yield of 4.74%. Pinnacle West Capital’s dividend payout ratio is currently 79.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Mizuho decreased their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 6th. Wells Fargo & Company decreased their price objective on Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday, January 26th. Barclays upped their price objective on Pinnacle West Capital from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, StockNews.com lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $73.00.

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.