Commerce Bank Buys 8,902 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Commerce Bank has increased its stake in Pinnacle West Capital Corporation by 125.1%, bringing its total holdings to 16,019 shares valued at approximately $1.5 million.
• Pinnacle West Capital has recently announced a quarterly dividend of $0.895, resulting in an annualized yield of 3.9%.
• Market analysts have set a consensus target price for Pinnacle West Capital at $96.78, with a majority rating it as a "Hold."

Commerce Bank raised its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 125.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,019 shares of the utilities provider's stock after buying an additional 8,902 shares during the quarter. Commerce Bank's holdings in Pinnacle West Capital were worth $1,526,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Moors & Cabot Inc. lifted its holdings in shares of Pinnacle West Capital by 8.5% during the first quarter. Moors & Cabot Inc. now owns 2,880 shares of the utilities provider's stock worth $274,000 after buying an additional 225 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $486,000. Bayforest Capital Ltd raised its stake in shares of Pinnacle West Capital by 82.6% in the first quarter. Bayforest Capital Ltd now owns 935 shares of the utilities provider's stock valued at $89,000 after purchasing an additional 423 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Pinnacle West Capital in the first quarter valued at $714,000. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Pinnacle West Capital in the first quarter valued at $96,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNW has been the subject of a number of recent research reports. UBS Group restated a "neutral" rating and issued a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. BMO Capital Markets assumed coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 target price on the stock. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $96.78.

Pinnacle West Capital Stock Up 0.1%

Shares of NYSE:PNW traded up $0.13 during trading on Tuesday, hitting $92.37. 1,479,354 shares of the company were exchanged, compared to its average volume of 1,112,205. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. The stock has a market cap of $11.03 billion, a price-to-earnings ratio of 18.36, a P/E/G ratio of 9.61 and a beta of 0.38. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The firm has a fifty day moving average price of $90.33 and a two-hundred day moving average price of $90.98.

Pinnacle West Capital Announces Dividend

The business 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 dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

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.