California Public Employees Retirement System Reduces Stake in Pinnacle West Capital Corporation $PNW

California Public Employees Retirement System lowered its position in Pinnacle West Capital Corporation (NYSE:PNW) by 13.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 275,327 shares of the utilities provider’s stock after selling 41,749 shares during the period. California Public Employees Retirement System owned about 0.23% of Pinnacle West Capital worth $27,739,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kera Capital Partners Inc. lifted its holdings in Pinnacle West Capital by 13.4% in the first quarter. Kera Capital Partners Inc. now owns 4,535 shares of the utilities provider’s stock valued at $457,000 after acquiring an additional 537 shares during the period. Assetmark Inc. grew its stake in shares of Pinnacle West Capital by 32.8% during the 1st quarter. Assetmark Inc. now owns 1,719 shares of the utilities provider’s stock valued at $173,000 after purchasing an additional 425 shares during the period. NovaPoint Capital LLC grew its stake in shares of Pinnacle West Capital by 9.8% during the 1st quarter. NovaPoint Capital LLC now owns 13,741 shares of the utilities provider’s stock valued at $1,384,000 after purchasing an additional 1,222 shares during the period. Bessemer Group Inc. increased its position in shares of Pinnacle West Capital by 26.1% during the 1st quarter. Bessemer Group Inc. now owns 4,934 shares of the utilities provider’s stock valued at $496,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Pinnacle West Capital by 1,510.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 115,939 shares of the utilities provider’s stock valued at $11,771,000 after purchasing an additional 108,742 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Down 0.7%

NYSE PNW opened at $105.61 on Wednesday. The stock’s 50-day moving average price is $104.01 and its 200-day moving average price is $100.19. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.38. Pinnacle West Capital Corporation has a 52 week low of $85.32 and a 52 week high of $111.16. The company has a market capitalization of $12.80 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 3.87 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.30. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Pinnacle West Capital had a return on equity of 9.27% and a net margin of 11.99%.The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, equities research analysts predict that Pinnacle West Capital Corporation will post 4.73 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, August 3rd. Pinnacle West Capital’s dividend payout ratio is presently 67.78%.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,567 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total value of $650,133.00. Following the completion of the sale, the executive vice president directly owned 6,634 shares of the company’s stock, valued at $656,766. This represents a 49.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNW. Jefferies Financial Group reiterated a “buy” rating and issued a $129.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Argus boosted their target price on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Wells Fargo & Company set a $106.00 target price on shares of Pinnacle West Capital in a report on Tuesday, April 21st. TD Cowen increased their price target on shares of Pinnacle West Capital from $100.00 to $101.00 and gave the stock a “hold” rating in a research report on Friday, May 15th. Finally, Truist Financial dropped their price target on shares of Pinnacle West Capital from $108.00 to $105.00 and set a “hold” rating on the stock in a research note on Friday, May 29th. Three research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.14.

Pinnacle West Capital 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.