Pinnacle West Capital Corporation $PNW Shares Purchased by Amundi

Key Points

• Amundi increased its Pinnacle West Capital stake by 41.4% in the second quarter, bringing its holdings to 218,811 shares valued at approximately $23.4 million. Institutional investors and hedge funds collectively own 91.51% of the company.
• Wall Street maintains a generally cautious outlook, with three analysts rating PNW a Buy and eleven rating it Hold. The consensus price target is $104.62, compared with a recent share price of $96.26.
• Pinnacle West reported quarterly revenue of $1.46 billion, up 7.1% year over year, but earnings per share of $1.43 fell short of estimates. The company pays a quarterly dividend of $0.91, representing a 3.8% annualized yield.

Amundi raised its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 41.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 218,811 shares of the utilities provider's stock after acquiring an additional 64,074 shares during the quarter. Amundi owned approximately 0.18% of Pinnacle West Capital worth $23,413,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. HighTower Advisors LLC boosted its position in shares of Pinnacle West Capital by 6.3% in the 2nd quarter. HighTower Advisors LLC now owns 79,919 shares of the utilities provider's stock valued at $8,551,000 after purchasing an additional 4,706 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Pinnacle West Capital during the second quarter worth about $845,000. California State Teachers Retirement System grew its holdings in shares of Pinnacle West Capital by 10,353.5% during the second quarter. California State Teachers Retirement System now owns 14,979,144 shares of the utilities provider's stock worth $1,602,768,000 after buying an additional 14,835,851 shares during the last quarter. Wedmont Private Capital grew its holdings in shares of Pinnacle West Capital by 4.8% during the second quarter. Wedmont Private Capital now owns 3,202 shares of the utilities provider's stock worth $346,000 after buying an additional 146 shares during the last quarter. Finally, HB Wealth Management LLC increased its position in Pinnacle West Capital by 4.0% in the 2nd quarter. HB Wealth Management LLC now owns 5,852 shares of the utilities provider's stock valued at $626,000 after acquiring an additional 224 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on PNW shares. Barclays upped their price objective on 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 reissued a "buy" rating and issued a $129.00 target price on shares of Pinnacle West Capital in a report on Wednesday, July 8th. BMO Capital Markets cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a "market perform" rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley decreased their price target on Pinnacle West Capital from $97.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, August 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Pinnacle West Capital in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $104.62.

Insider Buying and Selling at Pinnacle West Capital

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

Pinnacle West Capital Price Performance

PNW stock opened at $96.26 on Friday. The stock has a market capitalization of $11.67 billion, a price-to-earnings ratio of 18.44, a price-to-earnings-growth ratio of 3.53 and a beta of 0.45. The company has a quick ratio of 0.41, a current ratio of 0.59 and a debt-to-equity ratio of 1.38. Pinnacle West Capital Corporation has a 52-week low of $85.32 and a 52-week high of $111.16. The stock's fifty day simple moving average is $101.85 and its 200-day simple moving average is $101.92.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released 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). The business had revenue of $1.46 billion for the quarter, compared to analysts' expectations of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Equities research analysts expect that Pinnacle West Capital Corporation will post 4.71 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd were issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, August 3rd. Pinnacle West Capital's dividend payout ratio (DPR) is 69.73%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation NYSE: PNW is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.

Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.

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.