Principal Financial Group Inc. Has $11.81 Million Stock Position in Pinnacle West Capital Corporation $PNW

Principal Financial Group Inc. lessened its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 131,694 shares of the utilities provider’s stock after selling 8,445 shares during the period. Principal Financial Group Inc. owned 0.11% of Pinnacle West Capital worth $11,808,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of PNW. Norges Bank acquired a new position in Pinnacle West Capital during the 2nd quarter worth about $114,384,000. Vanguard Group Inc. raised its position in shares of Pinnacle West Capital by 2.2% during the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock worth $1,322,482,000 after acquiring an additional 316,629 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Pinnacle West Capital by 129.4% in the second quarter. Treasurer of the State of North Carolina now owns 384,629 shares of the utilities provider’s stock worth $34,413,000 after acquiring an additional 216,984 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Pinnacle West Capital by 7.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider’s stock worth $267,512,000 after acquiring an additional 203,136 shares during the period. Finally, Midwest Trust Co bought a new stake in Pinnacle West Capital in the second quarter valued at approximately $17,851,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $96.02 on Thursday. Pinnacle West Capital Corporation has a one year low of $85.32 and a one year high of $96.50. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 5.70 and a beta of 0.54. The business has a 50-day simple moving average of $90.46 and a 200 day simple moving average of $90.08. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be issued a dividend of $0.91 per share. The ex-dividend date is Monday, February 2nd. This represents a $3.64 annualized dividend and a yield of 3.8%. Pinnacle West Capital’s dividend payout ratio is presently 74.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. KeyCorp downgraded shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. TD Cowen initiated coverage on shares of Pinnacle West Capital in a report on Thursday, October 16th. They issued a “hold” rating and a $97.00 target price on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $103.00 price target on shares of Pinnacle West Capital in a research report on Friday, January 23rd. 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 report on Wednesday, December 17th. Finally, Wells Fargo & Company cut their target price on Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Four equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $96.42.

Pinnacle West Capital Profile

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.