Addison Advisors LLC Cuts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Addison Advisors LLC trimmed its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 25.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 752 shares of the utilities provider’s stock after selling 262 shares during the quarter. Addison Advisors LLC’s holdings in Pinnacle West Capital were worth $54,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. MCF Advisors LLC grew its holdings in shares of Pinnacle West Capital by 10.0% during the third quarter. MCF Advisors LLC now owns 1,896 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 173 shares in the last quarter. Atria Wealth Solutions Inc. grew its holdings in shares of Pinnacle West Capital by 4.9% during the fourth quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock worth $354,000 after purchasing an additional 229 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in shares of Pinnacle West Capital by 6.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock worth $293,000 after purchasing an additional 233 shares in the last quarter. M&T Bank Corp grew its holdings in shares of Pinnacle West Capital by 3.3% during the third quarter. M&T Bank Corp now owns 7,440 shares of the utilities provider’s stock worth $549,000 after purchasing an additional 238 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in shares of Pinnacle West Capital by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 49,733 shares of the utilities provider’s stock worth $3,664,000 after purchasing an additional 250 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Down 0.7 %

PNW stock traded down $0.51 during midday trading on Friday, hitting $73.69. The company had a trading volume of 864,408 shares, compared to its average volume of 891,272. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 2.08 and a beta of 0.49. The stock’s 50 day moving average price is $71.88 and its 200 day moving average price is $72.13. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $86.03.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.78%. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

Wall Street Analyst Weigh In

Several analysts have issued reports on PNW shares. Evercore ISI cut their target price on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Barclays upped their target price on Pinnacle West Capital from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Mizuho cut their target price on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Royal Bank of Canada cut their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Finally, Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $73.00.

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.