Russell Investments Group Ltd. Sells 72,706 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Russell Investments Group Ltd. lowered its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 13.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 452,503 shares of the utilities provider's stock after selling 72,706 shares during the period. Russell Investments Group Ltd. owned about 0.40% of Pinnacle West Capital worth $32,508,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Atria Wealth Solutions Inc. lifted its holdings in Pinnacle West Capital by 4.9% in the 4th 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. Watershed Asset Management L.L.C. bought a new position in shares of Pinnacle West Capital during the fourth quarter worth $226,000. GAMMA Investing LLC acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $58,000. California Public Employees Retirement System lifted its stake in Pinnacle West Capital by 1.1% in the 4th quarter. California Public Employees Retirement System now owns 649,736 shares of the utilities provider's stock valued at $46,677,000 after buying an additional 7,341 shares in the last quarter. Finally, Duality Advisers LP acquired a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $1,422,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Pinnacle West Capital in a research note on Wednesday, February 14th. They set a "neutral" rating and a $69.00 price objective on the stock. UBS Group raised Pinnacle West Capital from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $68.00 to $71.00 in a research report on Monday, March 11th. Wells Fargo & Company lowered their target price on Pinnacle West Capital from $78.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, January 26th. Mizuho lowered their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 6th. Finally, Citigroup started coverage on shares of Pinnacle West Capital in a report on Monday. They set a "neutral" rating and a $78.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $73.42.

Pinnacle West Capital Trading Up 1.8 %

Shares of NYSE:PNW traded up $1.30 during midday trading on Wednesday, reaching $74.95. 1,097,103 shares of the company's stock were exchanged, compared to its average volume of 1,319,518. The firm's 50 day simple moving average is $72.21 and its two-hundred day simple moving average is $72.11. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $86.03. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 2.11 and a beta of 0.49.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital's dividend payout ratio (DPR) is 79.82%.

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.