Nuveen LLC Makes New Investment in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Nuveen LLC has acquired 1,043,193 shares of Pinnacle West Capital Corporation (NYSE:PNW), worth approximately $99.36 million, totaling 0.87% ownership.
• Pinnacle West Capital recently declared a quarterly dividend of $0.895, yielding 3.9%, set to be paid on September 2nd, 2023.
• Wells Fargo & Company has raised its price target for Pinnacle West from $95.00 to $98.00, indicating a trend of positive analyst ratings with a current consensus target price of $97.11.

Nuveen LLC purchased a new position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,043,193 shares of the utilities provider's stock, valued at approximately $99,364,000. Nuveen LLC owned 0.87% of Pinnacle West Capital at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC purchased a new position in Pinnacle West Capital in the 1st quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in Pinnacle West Capital in the 1st quarter valued at approximately $26,000. Canada Post Corp Registered Pension Plan purchased a new position in Pinnacle West Capital in the 4th quarter valued at approximately $35,000. HM Payson & Co. boosted its position in Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after buying an additional 196 shares during the period. Finally, Spirit of America Management Corp NY purchased a new position in Pinnacle West Capital in the 1st quarter valued at approximately $57,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. BMO Capital Markets raised their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research report on Thursday, August 7th. UBS Group reaffirmed a "neutral" rating and set a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. Finally, Barclays decreased their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Stock Performance

NYSE:PNW traded down $0.61 during mid-day trading on Friday, hitting $91.30. The stock had a trading volume of 1,463,106 shares, compared to its average volume of 1,177,126. The stock has a market capitalization of $10.90 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 9.61 and a beta of 0.38. The company has a 50 day simple moving average of $90.66 and a 200-day simple moving average of $91.25. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. Pinnacle West Capital's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.76 EPS. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.9%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 73.81%.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Company Profile

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.