Allspring Global Investments Holdings LLC Has $9.77 Million Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 17.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,576 shares of the utilities provider's stock after purchasing an additional 15,513 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Pinnacle West Capital worth $9,773,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth about $35,000. Spirit of America Management Corp NY acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $57,000. Resona Asset Management Co. Ltd. acquired a new position in Pinnacle West Capital during the 4th quarter valued at $60,000. TD Waterhouse Canada Inc. raised its stake in Pinnacle West Capital by 125.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 468 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in Pinnacle West Capital by 971.8% during the 1st quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock valued at $80,000 after purchasing an additional 758 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Up 0.3%

Shares of NYSE PNW traded up $0.25 during trading hours on Friday, hitting $90.42. The company had a trading volume of 757,636 shares, compared to its average volume of 1,143,948. The stock has a market capitalization of $10.80 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 9.45 and a beta of 0.42. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a 1-year low of $75.10 and a 1-year high of $96.50. The firm's 50 day moving average is $90.74 and its 200-day moving average is $89.91.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. During the same quarter in the prior year, the business posted $0.15 EPS. The business's quarterly revenue was up 8.5% compared to the same quarter last year. On average, 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 firm 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. This represents a $3.58 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's payout ratio is 71.17%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PNW shares. BMO Capital Markets assumed coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a "market perform" rating and a $95.00 target price for the company. Morgan Stanley dropped their target price 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. UBS Group increased their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Wall Street Zen lowered shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.00.

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.