Pinnacle West Capital Corporation $PNW Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 88.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,778 shares of the utilities provider's stock after purchasing an additional 26,721 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Pinnacle West Capital were worth $5,720,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PNW. Brighton Jones LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter worth $417,000. NewEdge Advisors LLC boosted its stake in Pinnacle West Capital by 999.1% in the 1st quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider's stock worth $782,000 after buying an additional 7,463 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Pinnacle West Capital by 109.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,255 shares of the utilities provider's stock worth $215,000 after buying an additional 1,180 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Pinnacle West Capital by 10.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider's stock valued at $42,010,000 after buying an additional 41,173 shares during the period. Finally, Empowered Funds LLC grew its holdings in Pinnacle West Capital by 12.8% in the 1st quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider's stock valued at $438,000 after buying an additional 523 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PNW shares. Wall Street Zen raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Wells Fargo & Company set a $106.00 price target on shares of Pinnacle West Capital in a research report on Tuesday, April 21st. Jefferies Financial Group reaffirmed a "buy" rating and set a $129.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Argus lifted their price target on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Finally, Weiss Ratings raised shares of Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and a consensus price target of $104.07.

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 on 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 sale, the executive vice president directly owned 6,634 shares of the company's stock, valued at approximately $656,766. This represents a 49.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.19% of the company's stock.

Pinnacle West Capital Stock Down 0.0%

PNW opened at $100.95 on Monday. Pinnacle West Capital Corporation has a 1 year low of $85.32 and a 1 year high of $111.16. The firm has a 50 day moving average price of $104.57 and a 200 day moving average price of $101.06. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60. The company has a market cap of $12.23 billion, a PE ratio of 18.80, a price-to-earnings-growth ratio of 3.67 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the previous year, the company posted ($0.04) earnings per share. Pinnacle West Capital's revenue was up 11.4% compared to the same quarter last year. Sell-side analysts expect that Pinnacle West Capital Corporation will post 4.74 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 3rd will be issued a dividend of $0.91 per share. The ex-dividend date is Monday, August 3rd. This represents a $3.64 annualized dividend and a dividend yield of 3.6%. Pinnacle West Capital's payout ratio is presently 67.78%.

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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