Federated Hermes Inc. grew its stake in shares of Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 20.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 127,272 shares of the utilities provider’s stock after purchasing an additional 21,894 shares during the quarter. Federated Hermes Inc. owned approximately 0.11% of Pinnacle West Capital worth $10,085,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in PNW. Norges Bank purchased a new stake in Pinnacle West Capital in the 4th quarter valued at about $104,067,000. State Street Corp raised its stake 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. Jennison Associates LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter valued at approximately $74,297,000. Invesco Ltd. grew its stake in Pinnacle West Capital by 29.6% in the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock worth $276,313,000 after purchasing an additional 808,207 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in Pinnacle West Capital by 297.6% during the 4th quarter. Captrust Financial Advisors now owns 633,531 shares of the utilities provider’s stock worth $48,174,000 after purchasing an additional 474,174 shares during the period. 85.46% of the stock is currently owned by institutional investors.
Pinnacle West Capital Trading Up 0.4 %
Shares of NYSE:PNW opened at $77.40 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.96 and a quick ratio of 0.70. The firm has a market capitalization of $8.77 billion, a P/E ratio of 21.62, a P/E/G ratio of 2.81 and a beta of 0.47. The business’s 50-day moving average is $81.72 and its 200 day moving average is $78.77. Pinnacle West Capital Co. has a 1 year low of $59.03 and a 1 year high of $86.03.
Pinnacle West Capital Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.865 per share. The ex-dividend date is Monday, July 31st. This represents a $3.46 annualized dividend and a dividend yield of 4.47%. Pinnacle West Capital’s payout ratio is currently 96.65%.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Mizuho lowered their target price on Pinnacle West Capital from $84.00 to $78.00 in a report on Thursday. Bank of America dropped their target price on shares of Pinnacle West Capital from $80.00 to $78.00 in a report on Thursday, June 29th. StockNews.com lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Saturday, May 20th. KeyCorp increased their price objective on shares of Pinnacle West Capital from $55.00 to $61.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $78.00 price objective (up from $73.00) on shares of Pinnacle West Capital in a report on Friday, July 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.33.
Get Our Latest Stock Analysis on Pinnacle West Capital
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.
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