abrdn plc Acquires 31,821 Shares of Pinnacle West Capital Co. (NYSE:PNW)

abrdn plc grew its position in shares of Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 120.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 58,335 shares of the utilities provider's stock after acquiring an additional 31,821 shares during the quarter. abrdn plc owned 0.05% of Pinnacle West Capital worth $4,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Pinnacle West Capital by 1.0% in the 3rd quarter. FMR LLC now owns 1,153,505 shares of the utilities provider's stock worth $84,990,000 after buying an additional 11,591 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Pinnacle West Capital by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 963,193 shares of the utilities provider's stock worth $70,968,000 after buying an additional 9,696 shares during the last quarter. Empower Advisory Group LLC boosted its holdings in shares of Pinnacle West Capital by 1.5% in the 3rd quarter. Empower Advisory Group LLC now owns 886,891 shares of the utilities provider's stock worth $65,346,000 after buying an additional 12,850 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Pinnacle West Capital by 4.4% in the 3rd quarter. California Public Employees Retirement System now owns 642,395 shares of the utilities provider's stock worth $47,332,000 after buying an additional 27,082 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Pinnacle West Capital by 1.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 595,799 shares of the utilities provider's stock worth $43,898,000 after buying an additional 8,436 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Shares of PNW traded down $0.51 during midday trading on Friday, hitting $73.69. 864,408 shares of the company traded hands, compared to its average volume of 891,272. The stock has a 50-day moving average of $71.88 and a 200-day moving average of $72.11. Pinnacle West Capital Co. has a one year low of $65.20 and a one year high of $86.03. The firm has a market cap of $8.37 billion, a P/E ratio of 16.71, a PEG ratio of 2.08 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.78%. The ex-dividend date of this dividend is Tuesday, April 30th. Pinnacle West Capital's dividend payout ratio is presently 79.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. UBS Group raised shares of Pinnacle West Capital from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $68.00 to $71.00 in a report on Monday, March 11th. Barclays boosted their price objective on Pinnacle West Capital from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Monday, April 15th. StockNews.com cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Thursday, March 14th. Wells Fargo & Company lowered their price objective on Pinnacle West Capital from $78.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, January 26th. Finally, Evercore ISI lowered their price objective on Pinnacle West Capital from $76.00 to $69.00 and set an "in-line" rating on the stock in a research note on Monday, March 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $73.00.

Pinnacle West Capital Company 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.