Legal & General Group Plc Lowers Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Legal & General Group Plc reduced its stake in Pinnacle West Capital by 10.6% in the fourth quarter, selling 71,214 shares and ending with 602,839 shares valued at about $53.5 million.
• Pinnacle West Capital reported better-than-expected Q1 results, with EPS of $0.27 versus an expected loss and revenue of $1.15 billion, up 11.4% year over year. The company also reaffirmed FY 2026 guidance of 4.55 to 4.75 EPS.
• The utility declared a quarterly dividend of $0.91 per share, equal to a 3.6% annualized yield, while analysts currently rate the stock a consensus “Hold” with a $102.50 price target.

Legal & General Group Plc trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 10.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 602,839 shares of the utilities provider's stock after selling 71,214 shares during the quarter. Legal & General Group Plc owned 0.50% of Pinnacle West Capital worth $53,472,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. AE Wealth Management LLC boosted its stake in shares of Pinnacle West Capital by 9.1% during the 3rd quarter. AE Wealth Management LLC now owns 152,331 shares of the utilities provider's stock worth $13,658,000 after acquiring an additional 12,732 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Pinnacle West Capital by 110.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 202,359 shares of the utilities provider's stock worth $18,144,000 after acquiring an additional 106,244 shares in the last quarter. Reaves W H & Co. Inc. boosted its stake in shares of Pinnacle West Capital by 21.3% during the 3rd quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider's stock worth $161,757,000 after acquiring an additional 316,193 shares in the last quarter. Caprock Group LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth about $1,450,000. Finally, Aristotle Capital Boston LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth about $1,007,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,567 shares of the company'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 completion of the transaction, the executive vice president owned 6,634 shares in the company, valued at $656,766. This represents a 49.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by company insiders.

Pinnacle West Capital Stock Down 1.0%

PNW opened at $99.84 on Friday. Pinnacle West Capital Corporation has a twelve month low of $85.32 and a twelve month high of $104.92. 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 50-day moving average price of $101.31 and a 200 day moving average price of $95.85. The company has a market cap of $12.10 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 3.69 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, topping 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 firm 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. The company's revenue for the quarter 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. Sell-side analysts expect that Pinnacle West Capital Corporation will post 4.7 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 4th will be given 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 is Monday, May 4th. Pinnacle West Capital's dividend payout ratio is 67.78%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays increased their target price on shares of Pinnacle West Capital from $101.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 5th. Wells Fargo & Company set a $106.00 target price on shares of Pinnacle West Capital in a research note on Tuesday, April 21st. TD Cowen increased their target price on shares of Pinnacle West Capital from $100.00 to $101.00 and gave the stock a "hold" rating in a research note on Friday, May 15th. BMO Capital Markets increased their target price on shares of Pinnacle West Capital from $98.00 to $107.00 and gave the stock a "market perform" rating in a research note on Thursday, February 26th. Finally, Truist Financial lowered 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 research note on Friday. Three equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and a consensus price target of $102.50.

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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