Pinnacle West Capital Corporation (NYSE:PNW) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. grew its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,464,661 shares of the utilities provider's stock after purchasing an additional 283,752 shares during the quarter. Vanguard Group Inc. owned approximately 12.13% of Pinnacle West Capital worth $1,377,759,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PNW. Reaves W H & Co. Inc. raised its position in Pinnacle West Capital by 8.5% during the first quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider's stock worth $143,781,000 after acquiring an additional 118,796 shares during the period. Atria Wealth Solutions Inc. raised its holdings in Pinnacle West Capital by 4.8% in the 1st quarter. Atria Wealth Solutions Inc. now owns 3,619 shares of the utilities provider's stock valued at $345,000 after buying an additional 167 shares during the period. Empower Advisory Group LLC raised its holdings in Pinnacle West Capital by 0.6% in the 1st quarter. Empower Advisory Group LLC now owns 878,290 shares of the utilities provider's stock valued at $83,657,000 after buying an additional 5,126 shares during the period. Costello Asset Management INC purchased a new stake in Pinnacle West Capital in the 1st quarter valued at about $26,000. Finally, Probity Advisors Inc. raised its holdings in Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock valued at $592,000 after buying an additional 158 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNW has been the topic of a number of recent research reports. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Barclays lowered their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a report on Wednesday. BMO Capital Markets increased their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Morgan Stanley cut their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded down $0.18 during trading hours on Friday, hitting $91.73. The stock had a trading volume of 186,281 shares, compared to its average volume of 1,168,778. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 9.61 and a beta of 0.38. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The stock's fifty day moving average is $90.66 and its two-hundred day moving average is $91.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted 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. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.76 earnings per share. As a group, analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is presently 73.81%.

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company's stock.

About Pinnacle West Capital

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.