Sonora Investment Management Group LLC Buys 3,533 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Sonora Investment Management Group LLC raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 17.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,777 shares of the utilities provider’s stock after acquiring an additional 3,533 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Pinnacle West Capital were worth $2,016,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Millennium Management LLC grew its position in shares of Pinnacle West Capital by 75.3% in the 2nd quarter. Millennium Management LLC now owns 237,744 shares of the utilities provider’s stock worth $18,159,000 after buying an additional 102,134 shares during the period. Creative Planning boosted its stake in Pinnacle West Capital by 36.9% during the 2nd quarter. Creative Planning now owns 23,444 shares of the utilities provider’s stock valued at $1,791,000 after purchasing an additional 6,322 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Pinnacle West Capital by 7.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,325 shares of the utilities provider’s stock worth $483,000 after purchasing an additional 440 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Pinnacle West Capital in the second quarter worth $372,000. Finally, Czech National Bank lifted its holdings in shares of Pinnacle West Capital by 6.9% during the third quarter. Czech National Bank now owns 23,133 shares of the utilities provider’s stock valued at $2,049,000 after purchasing an additional 1,494 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PNW shares. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $93.00 to $91.00 in a research note on Monday, November 18th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Citigroup upped their price target 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. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group reduced their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $87.15 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $95.42. The company’s 50-day moving average price is $87.34 and its 200-day moving average price is $87.44. The company has a market cap of $9.91 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 3.40 and a beta of 0.56.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Monday, February 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is 67.80%.

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.