Allspring Global Investments Holdings LLC Raises Stock Position in Pinnacle West Capital Corporation (NYSE:PNW)

Allspring Global Investments Holdings LLC boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 17.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 102,576 shares of the utilities provider’s stock after purchasing an additional 15,513 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pinnacle West Capital were worth $9,773,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Mesirow Financial Investment Management Inc. grew its position in Pinnacle West Capital by 0.9% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock worth $1,163,000 after purchasing an additional 116 shares during the last quarter. Norinchukin Bank The grew its position in Pinnacle West Capital by 2.7% during the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider’s stock worth $373,000 after purchasing an additional 117 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider’s stock worth $926,000 after purchasing an additional 125 shares during the last quarter. Probity Advisors Inc. grew its position in Pinnacle West Capital by 2.7% during the 4th quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider’s stock worth $513,000 after purchasing an additional 159 shares during the last quarter. Finally, 1620 Investment Advisors Inc. grew its position in Pinnacle West Capital by 3.6% during the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock worth $397,000 after purchasing an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

PNW opened at $90.42 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. The firm has a fifty day moving average price of $90.81 and a 200 day moving average price of $89.88. Pinnacle West Capital Corporation has a 1 year low of $75.10 and a 1 year high of $96.50. The stock has a market cap of $10.80 billion, a P/E ratio of 17.98, a P/E/G ratio of 9.42 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $988.95 million. Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share. Equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business 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 dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio is presently 71.17%.

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Barclays upped their price objective on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday, April 1st. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a report on Thursday, May 22nd. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $97.00.

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.