Bank of Nova Scotia Raises Position in Pinnacle West Capital Corporation $PNW

Bank of Nova Scotia boosted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 870.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,439 shares of the utilities provider's stock after buying an additional 89,192 shares during the quarter. Bank of Nova Scotia owned 0.08% of Pinnacle West Capital worth $10,018,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Dickmeyer Boyce Financial Management Inc. bought a new position in Pinnacle West Capital during the 1st quarter worth about $398,000. Sei Investments Co. grew its position in Pinnacle West Capital by 20.8% during the 1st quarter. Sei Investments Co. now owns 177,298 shares of the utilities provider's stock worth $17,862,000 after purchasing an additional 30,571 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Pinnacle West Capital by 1.5% in the 1st quarter. Cetera Investment Advisers now owns 46,570 shares of the utilities provider's stock valued at $4,692,000 after acquiring an additional 675 shares during the period. Arvest Bank Trust Division raised its stake in shares of Pinnacle West Capital by 3.0% in the first quarter. Arvest Bank Trust Division now owns 11,024 shares of the utilities provider's stock worth $1,111,000 after purchasing an additional 325 shares during the last quarter. Finally, Magellan Asset Management Ltd lifted its stake in Pinnacle West Capital by 24.6% during the 1st quarter. Magellan Asset Management Ltd now owns 115,293 shares of the utilities provider's stock valued at $11,616,000 after acquiring an additional 22,790 shares during the period. Institutional investors own 91.51% of the company's stock.

Insider Activity

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the business's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total transaction of $650,133.00. Following the sale, the executive vice president directly owned 6,634 shares in the company, valued at $656,766. This represents a 49.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company's stock.

Pinnacle West Capital Trading Up 0.2%

Shares of PNW stock opened at $106.22 on Monday. Pinnacle West Capital Corporation has a fifty-two week low of $85.32 and a fifty-two week high of $111.16. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60. The stock's fifty day moving average is $104.42 and its two-hundred day moving average is $100.56. The firm has a market capitalization of $12.87 billion, a P/E ratio of 19.78, a PEG ratio of 3.86 and a beta of 0.43.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The utilities provider reported $0.27 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.30. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the firm earned ($0.04) EPS. Pinnacle West Capital's quarterly revenue was up 11.4% on a year-over-year basis. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Research analysts expect that Pinnacle West Capital Corporation will post 4.74 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be given a $0.91 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $3.64 dividend on an annualized basis and a yield of 3.4%. Pinnacle West Capital's payout ratio is presently 67.78%.

Wall Street Analyst Weigh In

PNW has been the topic of several analyst reports. Truist Financial cut their price target on Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating on the stock in a research report on Friday, May 29th. Barclays upped their target price on Pinnacle West Capital from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 1st. Wells Fargo & Company set a $106.00 price target on Pinnacle West Capital in a research report on Tuesday, April 21st. Jefferies Financial Group reissued a "buy" rating and issued a $129.00 price target on shares of Pinnacle West Capital in a report on Wednesday, July 8th. Finally, BMO Capital Markets lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a "market perform" rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $104.07.

About Pinnacle West Capital

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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