The Manufacturers Life Insurance Company Lowers Stake in Pinnacle West Capital Co. (NYSE:PNW)

The Manufacturers Life Insurance Company lowered its position in shares of Pinnacle West Capital Co. (NYSE:PNWFree Report) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 193,346 shares of the utilities provider’s stock after selling 6,995 shares during the quarter. The Manufacturers Life Insurance Company owned 0.17% of Pinnacle West Capital worth $13,890,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PNW. Atria Wealth Solutions Inc. lifted its holdings in shares of Pinnacle West Capital by 11.9% in the third quarter. Atria Wealth Solutions Inc. now owns 4,692 shares of the utilities provider’s stock worth $346,000 after buying an additional 498 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle West Capital by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider’s stock worth $70,968,000 after buying an additional 9,696 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Pinnacle West Capital by 7.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 8,787 shares of the utilities provider’s stock worth $647,000 after buying an additional 646 shares in the last quarter. Pathstone Family Office LLC purchased a new position in shares of Pinnacle West Capital in the third quarter worth $305,000. Finally, HighTower Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 14.0% in the third quarter. HighTower Advisors LLC now owns 43,483 shares of the utilities provider’s stock worth $3,202,000 after buying an additional 5,354 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.2 %

PNW stock opened at $75.82 on Tuesday. The firm’s fifty day simple moving average is $75.42 and its two-hundred day simple moving average is $72.81. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $8.61 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 1.93 and a beta of 0.50. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $86.03.

Pinnacle West Capital (NYSE:PNWGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The firm had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. As a group, analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PNW shares. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Friday. Citigroup initiated coverage on shares of Pinnacle West Capital in a research report on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. Royal Bank of Canada reduced their price target on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Finally, Evercore ISI reduced their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research report on Monday, March 4th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $76.04.

Get Our Latest Stock Analysis on Pinnacle West Capital

Pinnacle West Capital Company Profile

(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.

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

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