Magellan Asset Management Ltd Purchases 6,374 Shares of Pinnacle West Capital Corporation $PNW

Magellan Asset Management Ltd increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 7.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 88,249 shares of the utilities provider’s stock after acquiring an additional 6,374 shares during the period. Magellan Asset Management Ltd owned about 0.07% of Pinnacle West Capital worth $7,912,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. AE Wealth Management LLC raised its holdings in Pinnacle West Capital by 4,666.1% in the 2nd quarter. AE Wealth Management LLC now owns 139,599 shares of the utilities provider’s stock valued at $12,490,000 after buying an additional 136,670 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in Pinnacle West Capital in the 3rd quarter valued at approximately $16,292,000. Y Intercept Hong Kong Ltd increased its position in Pinnacle West Capital by 164.5% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,748 shares of the utilities provider’s stock valued at $4,012,000 after acquiring an additional 27,832 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Pinnacle West Capital by 556.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,208 shares of the utilities provider’s stock valued at $1,633,000 after acquiring an additional 15,434 shares during the last quarter. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Pinnacle West Capital during the third quarter worth $2,234,000. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on PNW shares. Royal Bank Of Canada restated a “sector perform” rating and issued a $103.00 price objective on shares of Pinnacle West Capital in a report on Friday, January 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. UBS Group lifted their price objective on Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 17th. KeyCorp downgraded shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. Finally, Morgan Stanley set a $96.00 price target on shares of Pinnacle West Capital in a report on Friday. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.33.

Pinnacle West Capital Trading Up 0.5%

NYSE PNW opened at $100.14 on Wednesday. The stock has a market capitalization of $11.99 billion, a P/E ratio of 20.56, a P/E/G ratio of 5.96 and a beta of 0.54. The business has a 50 day simple moving average of $92.49 and a 200 day simple moving average of $90.54. 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 Corporation has a one year low of $85.32 and a one year high of $100.65.

Pinnacle West Capital Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 2nd will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, February 2nd. Pinnacle West Capital’s payout ratio is presently 74.74%.

About Pinnacle West Capital

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company’s regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company’s diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.