Allspring Global Investments Holdings LLC Sells 49,686 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Allspring Global Investments Holdings significantly reduced its holdings in Pinnacle West Capital Corporation by 48.4%, selling 49,686 shares during the second quarter, leaving them with 52,890 shares valued at approximately $4.8 million.
• Recent analyst reports have varied price targets for Pinnacle West Capital, with UBS Group raising its target from $95 to $101, while Mizuho lowered theirs from $102 to $90, reflecting a diverse outlook on the stock's future.
• Despite the fluctuations in ownership and analysts' ratings, institutional investors own about 91.51% of Pinnacle West Capital's shares, indicating strong institutional interest in the stock.

Allspring Global Investments Holdings LLC trimmed its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 48.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,890 shares of the utilities provider's stock after selling 49,686 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Pinnacle West Capital were worth $4,805,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Clearstead Trust LLC bought a new position in shares of Pinnacle West Capital in the first quarter worth approximately $25,000. Costello Asset Management INC bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $26,000. Ameritas Advisory Services LLC bought a new position in Pinnacle West Capital in the 2nd quarter worth about $31,000. Brooklyn Investment Group boosted its stake in Pinnacle West Capital by 440.0% in the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after purchasing an additional 396 shares in the last quarter. Finally, HM Payson & Co. boosted its stake in Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after purchasing an additional 196 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNW. UBS Group upped their price target on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, October 10th. Argus dropped their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "buy" rating on the stock in a research note on Tuesday, September 30th. Weiss Ratings restated a "buy (b)" rating on shares of Pinnacle West Capital in a research note on Wednesday, October 8th. KeyCorp lowered their target price on shares of Pinnacle West Capital from $100.00 to $97.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 15th. Finally, Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $96.50.

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Price Performance

NYSE PNW opened at $92.77 on Tuesday. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The firm has a market capitalization of $11.08 billion, a P/E ratio of 19.13, a PEG ratio of 9.65 and a beta of 0.46. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average price of $89.70 and a 200-day moving average price of $90.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

About Pinnacle West Capital

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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