KBC Group NV Invests $155,000 in Pinnacle West Capital Co. (NYSE:PNW)

KBC Group NV acquired a new position in Pinnacle West Capital Co. (NYSE:PNWFree Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 2,163 shares of the utilities provider’s stock, valued at approximately $155,000.

Other large investors have also recently made changes to their positions in the company. abrdn plc grew its position in shares of Pinnacle West Capital by 120.0% in the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after buying an additional 31,821 shares during the last quarter. Comerica Bank purchased a new position in shares of Pinnacle West Capital in the 3rd quarter valued at approximately $4,620,000. Duality Advisers LP purchased a new position in shares of Pinnacle West Capital in the 4th quarter valued at approximately $1,422,000. Financial Counselors Inc. lifted its stake in shares of Pinnacle West Capital by 37.5% in the 4th quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after purchasing an additional 47,035 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in shares of Pinnacle West Capital by 604.2% in the 4th quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after purchasing an additional 43,441 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Up 0.2 %

PNW stock opened at $75.82 on Tuesday. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $86.03. The business has a fifty day moving average price of $75.42 and a 200-day moving average price of $72.81. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. The stock has a market capitalization of $8.61 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.93 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNWGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The company had revenue of $951.71 million during the quarter, compared to analyst estimates of $981.82 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 1st were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Tuesday, April 30th. Pinnacle West Capital’s payout ratio is currently 76.69%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNW. Citigroup began coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. Barclays raised their target price on Pinnacle West Capital from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and raised their target price for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Morgan Stanley lifted their price objective on Pinnacle West Capital from $70.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 28th. Finally, UBS Group upgraded Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.04.

Get Our Latest Stock Analysis on PNW

About Pinnacle West Capital

(Free Report)

Pinnacle West Capital Corporation, through its subsidiary, 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. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

Further Reading

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

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