Legal & General Group Plc Invests $61.68 Million in Pinnacle West Capital Corporation $PNW

Key Points

• Legal & General Group acquired 576,481 Pinnacle West shares worth approximately $61.7 million, giving it a 0.48% stake. Institutional investors collectively own 91.51% of the utility’s stock.
• Pinnacle West reported quarterly EPS of $1.43, slightly below the $1.46 consensus, while revenue rose 7.1% year over year to $1.46 billion. Analysts maintain a consensus “Hold” rating with an average price target of $103.57.
• The company declared a quarterly dividend of $0.91 per share, equivalent to $3.64 annually and a 3.7% yield. Shares opened at $97.51, near the lower half of their 52-week range.

Legal & General Group Plc purchased a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 576,481 shares of the utilities provider's stock, valued at approximately $61,683,000. Legal & General Group Plc owned approximately 0.48% of Pinnacle West Capital at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Oregon Public Employees Retirement Fund grew its stake in Pinnacle West Capital by 0.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,755 shares of the utilities provider's stock valued at $1,386,000 after acquiring an additional 100 shares in the last quarter. Excelsior Advisor Network LLC lifted its position in shares of Pinnacle West Capital by 4.3% in the first quarter. Excelsior Advisor Network LLC now owns 2,625 shares of the utilities provider's stock worth $264,000 after purchasing an additional 108 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Pinnacle West Capital by 3.8% in the fourth quarter. Empowered Funds LLC now owns 3,166 shares of the utilities provider's stock worth $281,000 after purchasing an additional 116 shares in the last quarter. Everhart Financial Group Inc. lifted its position in shares of Pinnacle West Capital by 5.1% in the second quarter. Everhart Financial Group Inc. now owns 2,481 shares of the utilities provider's stock worth $265,000 after purchasing an additional 120 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its holdings in shares of Pinnacle West Capital by 109.6% during the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider's stock worth $26,000 after purchasing an additional 126 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity at Pinnacle West Capital

In other news, CAO Elizabeth A. Blankenship sold 980 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $99.17, for a total transaction of $97,186.60. Following the sale, the chief accounting officer directly owned 10,886 shares in the company, valued at approximately $1,079,564.62. The trade was a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $102.01, for a total value of $183,618.00. Following the sale, the senior vice president owned 4,910 shares in the company, valued at approximately $500,869.10. This represents a 26.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Morgan Stanley lowered their price objective on shares of Pinnacle West Capital from $97.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, August 21st. Barclays lifted their target price on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 1st. Jefferies Financial Group restated a "buy" rating and set a $129.00 price target on shares of Pinnacle West Capital in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Pinnacle West Capital in a research note on Monday, August 3rd. Finally, TD Cowen reaffirmed a "hold" rating on shares of Pinnacle West Capital in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $103.57.

Pinnacle West Capital Stock Down 0.4%

Pinnacle West Capital stock opened at $97.51 on Friday. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 18.68, a P/E/G ratio of 3.58 and a beta of 0.44. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.59 and a quick ratio of 0.41. Pinnacle West Capital Corporation has a fifty-two week low of $85.32 and a fifty-two week high of $111.16. The firm has a fifty day moving average price of $103.72 and a two-hundred day moving average price of $101.92.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.03). Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company earned $1.58 EPS. Pinnacle West Capital's revenue for the quarter was up 7.1% 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, analysts forecast that Pinnacle West Capital Corporation will post 4.71 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 issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, August 3rd. Pinnacle West Capital's dividend payout ratio (DPR) is presently 69.73%.

Pinnacle West Capital Company 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.

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Corporation (NYSE:PNW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source