Vanguard Group Inc. Lowers Stake in Pinnacle West Capital Corporation $PNW

by · The Markets Daily

Vanguard Group Inc. reduced its position in Pinnacle West Capital Corporation (NYSE:PNW – Free Report) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,672,415 shares of the utilities provider’s stock after selling 108,875 shares during the quarter. Vanguard Group Inc. owned approximately 0.12% of Pinnacle West Capital worth $1,315,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Pinnacle West Capital by 9.5% during the 3rd quarter. Fifth Third Bancorp now owns 3,989 shares of the utilities provider’s stock valued at $358,000 after buying an additional 346 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Pinnacle West Capital by 4.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 38,391 shares of the utilities provider’s stock worth $3,442,000 after acquiring an additional 1,719 shares during the period. Calton & Associates Inc. purchased a new stake in shares of Pinnacle West Capital during the third quarter worth about $212,000. HighTower Advisors LLC grew its position in shares of Pinnacle West Capital by 2.0% during the third quarter. HighTower Advisors LLC now owns 69,524 shares of the utilities provider’s stock worth $6,234,000 after purchasing an additional 1,379 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in Pinnacle West Capital by 4.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 25,725 shares of the utilities provider’s stock worth $2,307,000 after purchasing an additional 1,136 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

PNW stock opened at $98.32 on Friday. Pinnacle West Capital Corporation has a 52 week low of $85.32 and a 52 week high of $100.55. The firm has a market capitalization of $11.77 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 5.89 and a beta of 0.54. The company has a fifty day simple moving average of $92.02 and a two-hundred day simple moving average of $90.48. The company has a quick ratio of 0.49, a current ratio of 0.67 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 2nd will be issued a $0.91 dividend. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.7%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 74.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PNW shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Morgan Stanley set a $96.00 target price on shares of Pinnacle West Capital in a research note on Friday. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $103.00 price target on shares of Pinnacle West Capital in a research note on Friday, January 23rd. Barclays cut their price objective on Pinnacle West Capital from $95.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. Finally, UBS Group boosted their target price on Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 17th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.33.

Check Out Our Latest Stock Report on Pinnacle West Capital

About Pinnacle West Capital

(Free Report)

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.

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