Pinnacle West Capital Co. (NYSE:PNW) Shares Purchased by Benjamin F. Edwards & Company Inc.

Posted by on May 8th, 2023

Benjamin F. Edwards & Company Inc. grew its stake in shares of Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 131.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,787 shares of the utilities provider’s stock after acquiring an additional 1,014 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Pinnacle West Capital were worth $136,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PNW. State Street Corp increased its holdings in shares of Pinnacle West Capital by 18.4% during the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after acquiring an additional 1,072,235 shares in the last quarter. Invesco Ltd. increased its holdings in Pinnacle West Capital by 29.6% in the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after buying an additional 808,207 shares during the period. Envestnet Asset Management Inc. increased its holdings in Pinnacle West Capital by 34.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,497,267 shares of the utilities provider’s stock worth $96,589,000 after buying an additional 387,701 shares during the period. Vanguard Group Inc. increased its holdings in Pinnacle West Capital by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after buying an additional 241,019 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in Pinnacle West Capital by 158.9% in the 3rd quarter. Baird Financial Group Inc. now owns 365,750 shares of the utilities provider’s stock worth $23,595,000 after buying an additional 224,493 shares during the period. Institutional investors and hedge funds own 85.21% of the company’s stock.

Pinnacle West Capital Trading Up 0.5 %

Shares of NYSE:PNW opened at $80.12 on Monday. Pinnacle West Capital Co. has a 1 year low of $59.03 and a 1 year high of $81.63. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 3.64 and a beta of 0.46. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.99 and a quick ratio of 0.74. The business’s 50 day moving average price is $78.10 and its 200-day moving average price is $75.57.

Pinnacle West Capital (NYSE:PNW – Get Rating) last announced its earnings results on Thursday, May 4th. The utilities provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The business had revenue of $944.60 million for the quarter, compared to analysts’ expectations of $808.33 million. Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. The company’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. On average, equities research analysts forecast that Pinnacle West Capital Co. will post 4.04 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 1st will be issued a $0.865 dividend. The ex-dividend date is Friday, April 28th. This represents a $3.46 dividend on an annualized basis and a yield of 4.32%. Pinnacle West Capital’s payout ratio is currently 84.60%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNW. Mizuho cut their price target on shares of Pinnacle West Capital from $76.00 to $74.00 and set a “neutral” rating on the stock in a report on Thursday, March 2nd. Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $77.00 to $80.00 in a report on Tuesday, March 14th. Bank of America increased their price target on shares of Pinnacle West Capital from $69.00 to $76.00 in a report on Thursday, April 6th. StockNews.com assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $71.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 20th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $74.00.

About Pinnacle West Capital

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.

Further Reading

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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