CIBC Asset Management Inc Has $2.33 Million Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• CIBC Asset Management increased its stake in Pinnacle West Capital by 83.4% in the fourth quarter, ending with 26,269 shares valued at about $2.33 million.
• Pinnacle West Capital reported stronger-than-expected quarterly results, with EPS of $0.27 versus an expected loss and revenue of $1.15 billion, up 11.4% from a year earlier.
• The utility also declared a quarterly dividend of $0.91 per share, equal to an annualized yield of about 3.5%, while analysts currently rate the stock a consensus Hold with an average target price of $102.50.

CIBC Asset Management Inc grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 83.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,269 shares of the utilities provider's stock after buying an additional 11,949 shares during the quarter. CIBC Asset Management Inc's holdings in Pinnacle West Capital were worth $2,330,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Stratos Wealth Partners LTD. grew its holdings in shares of Pinnacle West Capital by 2.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 4,711 shares of the utilities provider's stock valued at $418,000 after buying an additional 131 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Pinnacle West Capital by 11.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,330 shares of the utilities provider's stock worth $119,000 after purchasing an additional 140 shares during the last quarter. Savant Capital LLC boosted its holdings in Pinnacle West Capital by 2.9% during the third quarter. Savant Capital LLC now owns 5,549 shares of the utilities provider's stock worth $497,000 after purchasing an additional 154 shares during the last quarter. Truist Financial Corp boosted its holdings in Pinnacle West Capital by 4.7% during the fourth quarter. Truist Financial Corp now owns 3,733 shares of the utilities provider's stock worth $331,000 after purchasing an additional 167 shares during the last quarter. Finally, Rothschild Investment LLC boosted its holdings in Pinnacle West Capital by 0.7% during the third quarter. Rothschild Investment LLC now owns 24,934 shares of the utilities provider's stock worth $2,236,000 after purchasing an additional 169 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Up 0.1%

PNW opened at $103.16 on Monday. 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 stock has a market cap of $12.50 billion, a price-to-earnings ratio of 19.21, a PEG ratio of 3.77 and a beta of 0.44. Pinnacle West Capital Corporation has a twelve month low of $85.32 and a twelve month high of $104.92. The company's 50-day moving average price is $101.49 and its two-hundred day moving average price is $96.30.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company's quarterly revenue was up 11.4% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. As a group, equities analysts expect that Pinnacle West Capital Corporation will post 4.7 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 4th were given a $0.91 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $3.64 annualized dividend and a dividend yield of 3.5%. Pinnacle West Capital's payout ratio is 67.78%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Pinnacle West Capital from $98.00 to $107.00 and gave the stock a "market perform" rating in a report on Thursday, February 26th. TD Cowen boosted their price target on shares of Pinnacle West Capital from $100.00 to $101.00 and gave the stock a "hold" rating in a report on Friday, May 15th. Truist Financial cut their price target 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. Weiss Ratings upgraded shares of Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company set a $106.00 target price on shares of Pinnacle West Capital in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $102.50.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,567 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total value of $650,133.00. Following the sale, the executive vice president owned 6,634 shares of the company's stock, valued at $656,766. The trade was a 49.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by company insiders.

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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