Legal & General Group Plc Boosts Stock Holdings in Pinnacle West Capital Corporation $PNW

Legal & General Group Plc grew its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 6.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 698,463 shares of the utilities provider’s stock after buying an additional 44,962 shares during the quarter. Legal & General Group Plc’s holdings in Pinnacle West Capital were worth $62,491,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Exchange Traded Concepts LLC increased its holdings in Pinnacle West Capital by 1.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock valued at $881,000 after buying an additional 122 shares during the period. Mesirow Financial Investment Management Inc. boosted its position in Pinnacle West Capital by 0.9% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider’s stock valued at $1,209,000 after acquiring an additional 122 shares in the last quarter. AE Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock valued at $279,000 after acquiring an additional 137 shares during the period. Probity Advisors Inc. increased its holdings in shares of Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock valued at $592,000 after acquiring an additional 158 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Pinnacle West Capital by 4.6% in the 2nd quarter. Fifth Third Bancorp now owns 3,643 shares of the utilities provider’s stock worth $326,000 after acquiring an additional 160 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNW. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Wednesday, October 8th. Barclays increased their price target on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Morgan Stanley set a $91.00 price objective on shares of Pinnacle West Capital in a research report on Thursday, November 20th. Jefferies Financial Group reiterated a “buy” rating and set a $115.00 price objective on shares of Pinnacle West Capital in a research note on Tuesday, November 4th. Finally, Zacks Research raised shares of Pinnacle West Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.38.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $89.48 on Wednesday. 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 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 9.23 and a beta of 0.50. The stock’s 50-day simple moving average is $89.61 and its 200-day simple moving average is $90.07.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Monday, November 3rd. The utilities provider reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.35. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the business earned $3.37 EPS. Pinnacle West Capital’s revenue for the quarter 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. FY 2025 guidance at 4.900-5.100 EPS. As a group, equities analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Monday, November 3rd. Pinnacle West Capital’s dividend payout ratio is presently 74.74%.

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.