Panagora Asset Management Inc. Sells 34,385 Shares of Pinnacle West Capital Corporation $PNW

Panagora Asset Management Inc. lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 69.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,385 shares of the utilities provider’s stock after selling 34,385 shares during the period. Panagora Asset Management Inc.’s holdings in Pinnacle West Capital were worth $1,376,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PNW. Lido Advisors LLC bought a new position in Pinnacle West Capital during the 2nd quarter worth about $876,000. New York State Common Retirement Fund lifted its position in shares of Pinnacle West Capital by 5.2% in the 2nd quarter. New York State Common Retirement Fund now owns 50,613 shares of the utilities provider’s stock worth $4,528,000 after purchasing an additional 2,500 shares during the period. Williamson Legacy Group LLC bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $855,000. Norges Bank bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $114,384,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Pinnacle West Capital by 49.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,542 shares of the utilities provider’s stock valued at $854,000 after buying an additional 3,160 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Down 0.6%

Shares of PNW stock opened at $88.08 on Friday. The stock’s fifty day moving average price is $90.05 and its 200 day moving average price is $90.05. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The company has a market cap of $10.54 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 8.79 and a beta of 0.54. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.67 and a quick ratio of 0.49.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Monday, November 3rd. The utilities provider reported $3.39 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.35. Pinnacle West Capital had a return on equity of 8.57% and a net margin of 11.20%.The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter last year, the company earned $3.37 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS and its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 3rd were paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, November 3rd. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 74.74%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNW. Zacks Research raised Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Royal Bank Of Canada upgraded Pinnacle West Capital to a “hold” rating in a research note on Tuesday, October 28th. BMO Capital Markets reiterated a “market perform” rating and issued a $99.00 target price on shares of Pinnacle West Capital in a research note on Monday, October 20th. Argus reduced their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 30th. Finally, KeyCorp lowered their price target on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating on the stock in a report on Wednesday, October 15th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $97.58.

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.