Sumitomo Mitsui DS Asset Management Company Ltd Lowers Position in Pinnacle West Capital Corporation $PNW

Key Points

• Sumitomo Mitsui DS Asset Management sharply reduced its Pinnacle West Capital stake by 81.1% in the fourth quarter, selling 14,773 shares and leaving 3,435 shares worth about $305,000.
• Pinnacle West reported better-than-expected earnings for the quarter, posting $0.27 EPS versus the -$0.03 estimate and revenue of $1.15 billion, up 11.4% year over year.
• The company also declared a quarterly dividend of $0.91 per share, equal to an annualized yield of 3.7%, while analysts currently rate the stock a consensus Hold with a $103.07 target price.

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 81.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,435 shares of the utilities provider's stock after selling 14,773 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Pinnacle West Capital were worth $305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Capital Research Global Investors lifted its holdings in Pinnacle West Capital by 5.0% in the third quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider's stock worth $1,421,407,000 after buying an additional 758,190 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Pinnacle West Capital by 8.5% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider's stock worth $647,679,000 after buying an additional 568,581 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Pinnacle West Capital by 7.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider's stock worth $267,512,000 after buying an additional 203,136 shares during the period. Reaves W H & Co. Inc. lifted its holdings in Pinnacle West Capital by 21.3% in the third quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider's stock worth $161,757,000 after buying an additional 316,193 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Pinnacle West Capital by 6.3% in the third quarter. First Trust Advisors LP now owns 1,307,421 shares of the utilities provider's stock worth $117,223,000 after buying an additional 76,930 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PNW shares. Wall Street Zen upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Saturday. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $99.00 to $98.00 and set an "equal weight" rating for the company in a report on Tuesday, April 21st. Truist Financial started coverage on shares of Pinnacle West Capital in a report on Monday, April 20th. They set a "hold" rating and a $108.00 target price for the company. Stifel Nicolaus set a $107.00 target price on shares of Pinnacle West Capital in a report on Thursday, February 26th. Finally, Weiss Ratings upgraded shares of Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday. Three analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $103.07.

Pinnacle West Capital Price Performance

PNW stock opened at $99.27 on Monday. The firm has a 50 day moving average price of $101.50 and a 200-day moving average price of $94.70. Pinnacle West Capital Corporation has a 52-week low of $85.32 and a 52-week high of $104.92. The firm has a market capitalization of $12.03 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 3.64 and a beta of 0.46. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.30. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.08 billion. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The business's revenue was up 11.4% on a year-over-year basis. During the same period last year, the business earned ($0.04) earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Equities research analysts forecast that Pinnacle West Capital Corporation will post 4.7 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company 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. The ex-dividend date of this dividend is Monday, May 4th. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. Pinnacle West Capital's dividend payout ratio (DPR) is 67.78%.

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.

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