Pinnacle West Capital Corporation $PNW Stake Increased by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its stake in Pinnacle West Capital Corporation by 22.5%, now owning about 0.17% of the company, valued at approximately $18.86 million.
• In recent analyst reports, Mizuho downgraded Pinnacle West from an "outperform" to a "neutral" rating, while several others adjusted target prices, indicating varied market sentiment around the stock.
• Pinnacle West announced a quarterly dividend of $0.895 per share, leading to a 4.1% dividend yield and a dividend payout ratio of 73.81%.

Royal Bank of Canada increased its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 22.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,948 shares of the utilities provider's stock after buying an additional 36,343 shares during the quarter. Royal Bank of Canada owned about 0.17% of Pinnacle West Capital worth $18,855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Graham Capital Management L.P. grew its holdings in Pinnacle West Capital by 101.0% in the 1st quarter. Graham Capital Management L.P. now owns 26,408 shares of the utilities provider's stock worth $2,515,000 after buying an additional 13,269 shares in the last quarter. Baird Financial Group Inc. grew its holdings in Pinnacle West Capital by 37.9% in the 1st quarter. Baird Financial Group Inc. now owns 34,620 shares of the utilities provider's stock worth $3,298,000 after buying an additional 9,509 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in Pinnacle West Capital by 747.9% in the 1st quarter. Panagora Asset Management Inc. now owns 49,770 shares of the utilities provider's stock worth $4,741,000 after buying an additional 43,900 shares in the last quarter. Vident Advisory LLC grew its holdings in Pinnacle West Capital by 73.3% in the 1st quarter. Vident Advisory LLC now owns 4,205 shares of the utilities provider's stock worth $401,000 after buying an additional 1,778 shares in the last quarter. Finally, State of Wyoming bought a new position in Pinnacle West Capital in the 1st quarter worth approximately $198,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PNW shares. Mizuho lowered Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $102.00 to $90.00 in a report on Tuesday, September 9th. BMO Capital Markets increased their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. KeyCorp decreased their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Barclays decreased their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Finally, UBS Group decreased their price target on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $96.20.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.18 on Friday, reaching $88.19. 758,982 shares of the company traded hands, compared to its average volume of 891,215. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company's 50 day moving average is $90.74 and its 200-day moving average is $91.36. The stock has a market capitalization of $10.53 billion, a PE ratio of 18.18, a P/E/G ratio of 9.13 and a beta of 0.45. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 73.81%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.