Bank of New York Mellon Corp Cuts Stake in Pinnacle West Capital Corporation $PNW

Key Points

• Bank of New York Mellon reduced its Pinnacle West Capital stake by 7.4% in the fourth quarter, though it still held 968,416 shares worth about $85.9 million at quarter-end.
• Pinnacle West reported better-than-expected quarterly results, posting $0.27 EPS on $1.15 billion in revenue, both above analyst forecasts, and raised/outlined FY 2026 EPS guidance of 4.55 to 4.75.
• The company also paid a quarterly dividend of $0.91 per share, equating to an annualized yield of 3.6%, while analysts currently rate the stock a consensus Hold with a $102.50 target price.

Bank of New York Mellon Corp cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 968,416 shares of the utilities provider's stock after selling 77,884 shares during the quarter. Bank of New York Mellon Corp owned about 0.81% of Pinnacle West Capital worth $85,899,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC purchased a new position in Pinnacle West Capital in the second quarter valued at about $27,000. MUFG Securities EMEA plc purchased a new position in Pinnacle West Capital in the second quarter valued at about $32,000. Clearstead Advisors LLC raised its position in Pinnacle West Capital by 88.5% in the fourth quarter. Clearstead Advisors LLC now owns 394 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 185 shares during the period. Dorato Capital Management purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $69,000. Finally, Brown Brothers Harriman & Co. raised its position in Pinnacle West Capital by 102.1% in the third quarter. Brown Brothers Harriman & Co. now owns 966 shares of the utilities provider's stock valued at $87,000 after purchasing an additional 488 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Down 1.6%

NYSE:PNW opened at $101.39 on Tuesday. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 18.88, a price-to-earnings-growth ratio of 3.77 and a beta of 0.44. Pinnacle West Capital Corporation has a one year low of $85.32 and a one year high of $104.92. The stock has a 50-day simple moving average of $101.55 and a 200 day simple moving average of $96.38. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.30. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. Pinnacle West Capital had a return on equity of 9.27% and a net margin of 11.99%.The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.04) earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Sell-side analysts predict that Pinnacle West Capital Corporation will post 4.7 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 4th were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, May 4th. Pinnacle West Capital's dividend payout ratio (DPR) is 67.78%.

Insider Buying and Selling

In related news, EVP Jacob Tetlow sold 6,567 shares of Pinnacle West Capital stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total value of $650,133.00. Following the completion of the transaction, the executive vice president directly owned 6,634 shares in the company, valued at approximately $656,766. This trade represents a 49.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial lowered their target price on Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating for the company in a research note on Friday, May 29th. Wells Fargo & Company set a $106.00 target price on Pinnacle West Capital in a research note on Tuesday, April 21st. Morgan Stanley set a $92.00 target price on Pinnacle West Capital in a research note on Thursday, May 21st. Citigroup raised their target price on Pinnacle West Capital from $100.00 to $109.00 and gave the company a "neutral" rating in a research note on Thursday, February 26th. Finally, Stifel Nicolaus set a $107.00 target price on Pinnacle West Capital in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $102.50.

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.

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