Pinnacle West Capital Corporation (NYSE:PNW) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 102,576 shares of the utilities provider's stock after purchasing an additional 15,513 shares during the quarter. 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.

Other large investors have also added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $35,000. Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital in the first quarter worth about $57,000. Resona Asset Management Co. Ltd. purchased a new stake in shares of Pinnacle West Capital in the fourth quarter worth about $60,000. Versant Capital Management Inc boosted its stake in shares of Pinnacle West Capital by 971.8% in the first quarter. Versant Capital Management Inc now owns 836 shares of the utilities provider's stock worth $80,000 after buying an additional 758 shares during the last quarter. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Pinnacle West Capital by 125.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider's stock worth $71,000 after buying an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE PNW traded down $0.36 during midday trading on Monday, hitting $90.06. The stock had a trading volume of 1,060,019 shares, compared to its average volume of 1,141,682. The company has a market capitalization of $10.75 billion, a PE ratio of 17.90, a P/E/G ratio of 9.45 and a beta of 0.42. The stock has a 50 day simple moving average of $90.65 and a 200-day simple moving average of $90.03. Pinnacle West Capital Corporation has a 1 year low of $75.57 and a 1 year high of $96.50. 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 (NYSE:PNW - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $988.95 million. Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business's revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.15 EPS. On average, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 3.98%. Pinnacle West Capital's dividend payout ratio is presently 71.17%.

Analyst Ratings Changes

A number of analysts have recently commented on PNW shares. Barclays upped their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 1st. Morgan Stanley reduced their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, May 22nd. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. BMO Capital Markets assumed coverage on Pinnacle West Capital in a research report on Tuesday, May 13th. They set a "market perform" rating and a $95.00 price target on the stock. Finally, UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. 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 stock. According to MarketBeat, the stock presently has an average 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.