Bank of New York Mellon Corp increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW – Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,063,734 shares of the utilities provider’s stock after purchasing an additional 7,217 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.94% of Pinnacle West Capital worth $84,290,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Convergence Investment Partners LLC lifted its stake in shares of Pinnacle West Capital by 17.2% in the 1st quarter. Convergence Investment Partners LLC now owns 14,113 shares of the utilities provider’s stock valued at $1,118,000 after acquiring an additional 2,067 shares during the last quarter. Clearstead Advisors LLC bought a new position in Pinnacle West Capital in the first quarter valued at about $123,000. Russell Investments Group Ltd. boosted its stake in shares of Pinnacle West Capital by 2.6% during the first quarter. Russell Investments Group Ltd. now owns 300,781 shares of the utilities provider’s stock valued at $23,833,000 after purchasing an additional 7,727 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in shares of Pinnacle West Capital during the first quarter worth about $246,000. Finally, Federated Hermes Inc. increased its stake in shares of Pinnacle West Capital by 20.8% in the first quarter. Federated Hermes Inc. now owns 127,272 shares of the utilities provider’s stock valued at $10,085,000 after buying an additional 21,894 shares during the period. Institutional investors and hedge funds own 85.46% of the company’s stock.
Pinnacle West Capital Stock Performance
Shares of PNW opened at $77.33 on Friday. The stock has a 50 day moving average of $81.51 and a 200 day moving average of $78.85. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 2.79 and a beta of 0.47. Pinnacle West Capital Co. has a 12 month low of $59.03 and a 12 month high of $86.03. The company has a current ratio of 0.96, a quick ratio of 0.70 and a debt-to-equity ratio of 1.34.
Pinnacle West Capital Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date is Monday, July 31st. Pinnacle West Capital’s dividend payout ratio is currently 96.65%.
Analyst Ratings Changes
A number of research firms recently weighed in on PNW. Bank of America decreased their price objective on Pinnacle West Capital from $80.00 to $78.00 in a report on Thursday, June 29th. StockNews.com assumed coverage on shares of Pinnacle West Capital in a report on Thursday. They set a “sell” rating for the company. KeyCorp upped their price objective on shares of Pinnacle West Capital from $55.00 to $61.00 in a research note on Wednesday, July 19th. Wells Fargo & Company lowered their target price on shares of Pinnacle West Capital from $89.00 to $88.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $78.00 price target (up previously from $73.00) on shares of Pinnacle West Capital in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $77.33.
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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