California State Teachers Retirement System Purchases 29,608 Shares of Pinnacle West Capital Corporation $PNW

California State Teachers Retirement System lifted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 26.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,293 shares of the utilities provider's stock after buying an additional 29,608 shares during the period. California State Teachers Retirement System owned about 0.12% of Pinnacle West Capital worth $14,437,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. CYBER HORNET ETFs LLC bought a new position in Pinnacle West Capital during the second quarter valued at approximately $27,000. MUFG Securities EMEA plc purchased a new position in shares of Pinnacle West Capital during the second quarter worth approximately $32,000. Clearstead Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 88.5% in the 4th quarter. Clearstead Advisors LLC now owns 394 shares of the utilities provider's stock worth $35,000 after acquiring an additional 185 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Pinnacle West Capital by 102.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 966 shares of the utilities provider's stock worth $87,000 after acquiring an additional 488 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at $88,000. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on PNW. Truist Financial reduced their target price on shares of Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating on the stock in a report on Friday, May 29th. Wells Fargo & Company set a $106.00 price target on shares of Pinnacle West Capital in a research note on Tuesday, April 21st. Barclays upped their price target on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 1st. Jefferies Financial Group reaffirmed a "buy" rating and set a $129.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Finally, TD Cowen lifted their price objective on Pinnacle West Capital from $100.00 to $101.00 and gave the stock a "hold" rating in a report on Friday, May 15th. Three research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and a consensus target price of $104.07.

Pinnacle West Capital Stock Down 0.0%

Shares of NYSE PNW opened at $100.95 on Monday. The firm's fifty day moving average is $104.57 and its 200 day moving average is $101.06. Pinnacle West Capital Corporation has a 52 week low of $85.32 and a 52 week high of $111.16. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.38. The company has a market cap of $12.23 billion, a price-to-earnings ratio of 18.80, a PEG ratio of 3.67 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.30. The business had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.08 billion. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) EPS. On average, equities research analysts expect that Pinnacle West Capital Corporation will post 4.74 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 3rd will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, August 3rd. Pinnacle West Capital's dividend payout ratio is 67.78%.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,567 shares of the 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 completion of the sale, the executive vice president directly owned 6,634 shares in the company, valued at approximately $656,766. This represents a 49.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company's stock.

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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