abrdn plc Acquires 2,063 Shares of Pinnacle West Capital Co. (NYSE:PNW)

abrdn plc increased its holdings in Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 8.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,893 shares of the utilities provider’s stock after purchasing an additional 2,063 shares during the period. abrdn plc’s holdings in Pinnacle West Capital were worth $2,121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PNW. Qsemble Capital Management LP purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $1,361,000. Bank of Nova Scotia increased its position in shares of Pinnacle West Capital by 690.2% during the fourth quarter. Bank of Nova Scotia now owns 53,844 shares of the utilities provider’s stock valued at $4,094,000 after buying an additional 47,030 shares during the period. Cibc World Markets Corp bought a new position in Pinnacle West Capital in the fourth quarter worth about $1,011,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Pinnacle West Capital by 8.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,387 shares of the utilities provider’s stock worth $1,094,000 after buying an additional 1,147 shares during the period. Finally, First Trust Advisors LP boosted its position in Pinnacle West Capital by 4.6% during the 4th quarter. First Trust Advisors LP now owns 1,381,637 shares of the utilities provider’s stock valued at $105,061,000 after acquiring an additional 61,117 shares in the last quarter. Institutional investors own 85.21% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $77.65 on Wednesday. The company has a 50 day moving average of $79.01 and a 200 day moving average of $76.64. The company has a quick ratio of 0.74, a current ratio of 1.01 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a twelve month low of $59.03 and a twelve month high of $81.63. The firm has a market cap of $8.79 billion, a P/E ratio of 18.99, a PEG ratio of 3.54 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW – Get Rating) last announced its quarterly 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). Pinnacle West Capital had a net margin of 10.33% and a return on equity of 7.50%. The business had revenue of $944.60 million for the quarter, compared to the consensus estimate of $808.33 million. During the same period in the previous year, the company earned $0.15 earnings per share. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, research analysts expect that Pinnacle West Capital Co. will post 4.04 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

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 paid a $0.865 dividend. The ex-dividend date of this dividend is Friday, April 28th. This represents a $3.46 dividend on an annualized basis and a dividend yield of 4.46%. Pinnacle West Capital’s dividend payout ratio is presently 84.60%.

Analyst Upgrades and Downgrades

PNW has been the subject of a number of research analyst reports. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday. Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $77.00 to $80.00 in a report on Tuesday, March 14th. Morgan Stanley increased their price target 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. Mizuho lifted their price target on shares of Pinnacle West Capital from $74.00 to $81.00 in a research report on Thursday, May 11th. Finally, Bank of America upped their price objective on shares of Pinnacle West Capital from $69.00 to $76.00 in a report on Thursday, April 6th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $74.64.

Pinnacle West Capital 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.