Commerce Bank Increases Stock Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Commerce Bank increased its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 125.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,019 shares of the utilities provider’s stock after purchasing an additional 8,902 shares during the period. Commerce Bank’s holdings in Pinnacle West Capital were worth $1,526,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PNW. Brighton Jones LLC bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $417,000. Alliancebernstein L.P. increased its position in shares of Pinnacle West Capital by 8.1% in the fourth quarter. Alliancebernstein L.P. now owns 154,943 shares of the utilities provider’s stock worth $13,135,000 after purchasing an additional 11,635 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Pinnacle West Capital in the fourth quarter worth approximately $60,000. Russell Investments Group Ltd. increased its position in shares of Pinnacle West Capital by 19.2% in the fourth quarter. Russell Investments Group Ltd. now owns 534,932 shares of the utilities provider’s stock worth $45,355,000 after purchasing an additional 86,055 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Pinnacle West Capital by 85.1% in the fourth quarter. Federated Hermes Inc. now owns 322,039 shares of the utilities provider’s stock worth $27,299,000 after purchasing an additional 148,019 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PNW has been the topic of a number of recent research reports. BMO Capital Markets initiated coverage on shares of Pinnacle West Capital in a research report on Tuesday, May 13th. They set a “market perform” rating and a $95.00 price target on the stock. KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 22nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. Finally, UBS Group reiterated a “neutral” rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $96.78.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $92.28 on Tuesday. The firm has a market cap of $11.02 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 9.45 and a beta of 0.38. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The business has a 50 day moving average price of $90.31 and a 200-day moving average price of $90.98.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 3.9%. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 71.17%.

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.