Harvest Portfolios Group Inc. Sells 351 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Harvest Portfolios Group Inc. trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,458 shares of the utilities provider’s stock after selling 351 shares during the period. Harvest Portfolios Group Inc. owned approximately 0.06% of Pinnacle West Capital worth $5,710,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $30,000. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital during the 2nd quarter worth approximately $52,000. First Horizon Advisors Inc. boosted its stake in Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 137 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Pinnacle West Capital in the second quarter valued at approximately $82,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PNW. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. Finally, Morgan Stanley upped their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $86.71 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $9.85 billion, a PE ratio of 16.03, a P/E/G ratio of 2.13 and a beta of 0.52. The firm has a fifty day simple moving average of $88.24 and a 200 day simple moving average of $82.51. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57.

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be paid a $0.895 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.58 annualized dividend and a dividend yield of 4.13%. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s payout ratio is currently 65.06%.

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.