Commerce Bank bought a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW – Free Report) during the second quarter, Holdings Channel reports. The institutional investor bought 11,783 shares of the utilities provider’s stock, valued at approximately $1,261,000.
Several other institutional investors and hedge funds have also bought and sold shares of PNW. ATLAS Infrastructure Partners UK Ltd. raised its holdings in shares of Pinnacle West Capital by 44.3% during the fourth quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,461,243 shares of the utilities provider’s stock valued at $395,712,000 after purchasing an additional 1,369,350 shares during the period. Invesco Ltd. boosted its position in shares of Pinnacle West Capital by 1.8% during the 4th quarter. Invesco Ltd. now owns 4,249,267 shares of the utilities provider’s stock worth $376,910,000 after purchasing an additional 74,023 shares in the last quarter. Soroban Capital Partners LP grew its stake in shares of Pinnacle West Capital by 34.0% in the 1st quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider’s stock valued at $388,373,000 after buying an additional 977,411 shares during the period. Geode Capital Management LLC grew its stake in shares of Pinnacle West Capital by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 3,095,691 shares of the utilities provider’s stock valued at $274,117,000 after buying an additional 27,861 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in Pinnacle West Capital by 0.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,853,685 shares of the utilities provider’s stock valued at $305,344,000 after buying an additional 9,298 shares in the last quarter. 91.51% of the stock is owned by institutional investors.
Pinnacle West Capital Stock Down 0.0%
Shares of NYSE PNW opened at $97.69 on Wednesday. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.59 and a quick ratio of 0.41. The company has a 50-day moving average price of $103.98 and a 200-day moving average price of $101.89. The stock has a market capitalization of $11.84 billion, a P/E ratio of 18.71, a P/E/G ratio of 3.57 and a beta of 0.44. Pinnacle West Capital Corporation has a 1 year low of $85.32 and a 1 year high of $111.16.
Pinnacle West Capital Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Monday, August 3rd. Pinnacle West Capital’s payout ratio is currently 69.73%.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on PNW shares. Wall Street Zen downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. BMO Capital Markets reduced their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating for the company in a research note on Wednesday, July 22nd. Truist Financial decreased their price objective on Pinnacle West Capital from $107.00 to $101.00 and set a “hold” rating for the company in a report on Monday, August 17th. Morgan Stanley lowered their target price on Pinnacle West Capital from $97.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, TD Cowen reiterated a “hold” rating on shares of Pinnacle West Capital in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.57.
Get Our Latest Stock Analysis on PNW
Insider Activity at Pinnacle West Capital
In other news, CAO Elizabeth A. Blankenship sold 980 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the completion of the sale, the chief accounting officer directly owned 10,886 shares of the company’s stock, valued at $1,079,564.62. This represents a 8.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $102.01, for a total value of $183,618.00. Following the completion of the transaction, the senior vice president owned 4,910 shares in the company, valued at $500,869.10. This represents a 26.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.19% of the company’s stock.
Pinnacle West Capital Company Profile
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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