Swiss National Bank Acquires 4,900 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Posted by on May 13th, 2023

Swiss National Bank boosted its holdings in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 1.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 272,900 shares of the utilities provider’s stock after acquiring an additional 4,900 shares during the quarter. Swiss National Bank owned 0.24% of Pinnacle West Capital worth $20,751,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PNW. State Street Corp lifted its holdings in shares of Pinnacle West Capital by 18.4% in the first quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after purchasing an additional 1,072,235 shares in the last quarter. Invesco Ltd. lifted its stake in Pinnacle West Capital by 29.6% during the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after acquiring an additional 808,207 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Pinnacle West Capital by 34.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,497,267 shares of the utilities provider’s stock worth $96,589,000 after acquiring an additional 387,701 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 241,019 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in Pinnacle West Capital by 158.9% during the third quarter. Baird Financial Group Inc. now owns 365,750 shares of the utilities provider’s stock worth $23,595,000 after purchasing an additional 224,493 shares during the last quarter. Institutional investors and hedge funds own 85.21% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of several recent analyst reports. Credit Suisse Group raised shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $77.00 to $80.00 in a research report on Tuesday, March 14th. Mizuho upped their price objective on Pinnacle West Capital from $74.00 to $81.00 in a research note on Thursday. Bank of America lifted their target price on Pinnacle West Capital from $69.00 to $76.00 in a research note on Thursday, April 6th. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $71.00 to $78.00 and gave the company an “equal weight” rating in a research report on Thursday, April 20th. Finally, StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $74.64.

Pinnacle West Capital Stock Up 0.3 %

PNW opened at $80.81 on Friday. Pinnacle West Capital Co. has a 12 month low of $59.03 and a 12 month high of $81.63. The company has a market cap of $9.15 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 3.66 and a beta of 0.46. The company has a current ratio of 1.01, a quick ratio of 0.74 and a debt-to-equity ratio of 1.28. The company has a 50 day moving average of $78.59 and a 200 day moving average of $75.87.

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

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Monday, May 1st will be given a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Friday, April 28th. Pinnacle West Capital’s dividend payout ratio is presently 84.60%.

Pinnacle West Capital Company Profile

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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

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

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