XTX Topco Ltd Acquires Shares of 7,493 Pinnacle West Capital Corporation (NYSE:PNW)

XTX Topco Ltd acquired a new stake in Pinnacle West Capital Corporation (NYSE:PNW) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 7,493 shares of the utilities provider’s stock, valued at approximately $714,000.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth $417,000. Alliancebernstein L.P. lifted its stake in shares of Pinnacle West Capital by 8.1% during the 4th quarter. Alliancebernstein L.P. now owns 154,943 shares of the utilities provider’s stock worth $13,135,000 after purchasing an additional 11,635 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth $60,000. Russell Investments Group Ltd. lifted its stake in shares of Pinnacle West Capital by 19.2% during the 4th quarter. Russell Investments Group Ltd. now owns 534,932 shares of the utilities provider’s stock worth $45,355,000 after purchasing an additional 86,055 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Pinnacle West Capital by 85.1% during the 4th quarter. Federated Hermes Inc. now owns 322,039 shares of the utilities provider’s stock worth $27,299,000 after purchasing an additional 148,019 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNW has been the subject of a number of analyst reports. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. KeyCorp decreased their price target on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, July 16th. UBS Group reiterated a “neutral” rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Finally, Morgan Stanley decreased their price target on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $96.78.

Pinnacle West Capital Stock Up 1.8%

Shares of PNW opened at $92.28 on Tuesday. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The stock’s 50 day moving average is $90.31 and its two-hundred day moving average is $90.98. The firm has a market cap of $11.02 billion, a P/E ratio of 18.35, a PEG ratio of 9.45 and a beta of 0.38.

Pinnacle West Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio (DPR) is 71.17%.

Pinnacle West Capital Company 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.