XTX Topco Ltd Takes $714,000 Position in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• XTX Topco Ltd has acquired a new stake in Pinnacle West Capital Corporation worth approximately $714,000, purchasing 7,493 shares.
• Several large investors have significantly increased their positions in Pinnacle West Capital during the past quarter, with notable increases from Invesco Ltd, Two Sigma Advisers LP, and Deutsche Bank AG.
• Pinnacle West Capital announced a quarterly dividend of $0.895, reflecting a yield of 3.9%, with an ex-dividend date set for August 1st.

XTX Topco Ltd acquired a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 7,493 shares of the utilities provider's stock, valued at approximately $714,000.

A number of other large investors have also recently made changes to their positions in PNW. Invesco Ltd. lifted its position in shares of Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP bought a new stake in Pinnacle West Capital during the 4th quarter valued at approximately $69,233,000. Two Sigma Advisers LP raised its stake in Pinnacle West Capital by 462.8% during the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after purchasing an additional 750,700 shares during the period. Deutsche Bank AG raised its stake in Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after purchasing an additional 610,042 shares during the period. Finally, First Trust Advisors LP raised its stake in Pinnacle West Capital by 173.1% during the 4th quarter. First Trust Advisors LP now owns 879,551 shares of the utilities provider's stock valued at $74,560,000 after purchasing an additional 557,539 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNW. KeyCorp decreased their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley decreased their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 22nd. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $96.78.

Pinnacle West Capital Stock Up 1.8%

Shares of PNW opened at $92.28 on Tuesday. The company has a market cap of $11.02 billion, a PE ratio of 18.35, a P/E/G ratio of 9.45 and a beta of 0.38. The business has a fifty day moving average of $90.31 and a 200 day moving average of $90.98. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18.

Pinnacle West Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a $0.895 dividend. This represents a $3.58 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 71.17%.

Pinnacle West Capital 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.

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