Pinnacle West Capital Corporation $PNW Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 5.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,461 shares of the utilities provider’s stock after purchasing an additional 1,600 shares during the period. State of Michigan Retirement System’s holdings in Pinnacle West Capital were worth $2,904,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Stratos Wealth Partners LTD. lifted its stake in shares of Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock worth $528,000 after buying an additional 1,150 shares in the last quarter. Holland Advisory Services Inc. acquired a new stake in Pinnacle West Capital in the 2nd quarter valued at about $266,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Pinnacle West Capital by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 324,764 shares of the utilities provider’s stock worth $30,934,000 after purchasing an additional 11,356 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Pinnacle West Capital by 19.1% during the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock worth $74,000 after purchasing an additional 125 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Pinnacle West Capital by 22.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,768 shares of the utilities provider’s stock worth $3,587,000 after purchasing an additional 6,806 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.23% of the company’s stock.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $88.43 on Thursday. Pinnacle West Capital Corporation has a 52 week low of $81.47 and a 52 week high of $96.50. The stock’s fifty day moving average is $89.49 and its two-hundred day moving average is $90.61. The company has a market capitalization of $10.56 billion, a P/E ratio of 18.23, a P/E/G ratio of 9.23 and a beta of 0.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Monday, November 3rd. The utilities provider reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.35. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business posted $3.37 EPS. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. FY 2025 guidance at 4.900-5.100 EPS. Equities analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be paid a $0.91 dividend. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.1%. Pinnacle West Capital’s payout ratio is presently 74.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PNW shares. Royal Bank Of Canada raised Pinnacle West Capital to a “hold” rating in a report on Tuesday, October 28th. KeyCorp cut their target price on Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating for the company in a research note on Wednesday, October 15th. Zacks Research lowered Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. BMO Capital Markets reissued a “market perform” rating and issued a $99.00 price objective on shares of Pinnacle West Capital in a report on Monday, October 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $97.54.

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.