The Manufacturers Life Insurance Company Purchases 5,199 Shares of Pinnacle West Capital Corporation $PNW

The Manufacturers Life Insurance Company boosted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 248,651 shares of the utilities provider’s stock after buying an additional 5,199 shares during the period. The Manufacturers Life Insurance Company’s holdings in Pinnacle West Capital were worth $26,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in shares of Pinnacle West Capital by 10,353.5% during the 2nd quarter. California State Teachers Retirement System now owns 14,979,144 shares of the utilities provider’s stock worth $1,602,768,000 after acquiring an additional 14,835,851 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Pinnacle West Capital in the second quarter valued at approximately $703,598,000. Norges Bank acquired a new position in Pinnacle West Capital during the fourth quarter valued at approximately $140,468,000. ATLAS Infrastructure Partners UK Ltd. raised its position in Pinnacle West Capital by 44.3% during the fourth quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,461,243 shares of the utilities provider’s stock valued at $395,712,000 after purchasing an additional 1,369,350 shares in the last quarter. Finally, Soroban Capital Partners LP lifted its stake in Pinnacle West Capital by 34.0% during the first quarter. Soroban Capital Partners LP now owns 3,854,815 shares of the utilities provider’s stock worth $388,373,000 after purchasing an additional 977,411 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $96.26 on Friday. The company’s 50 day moving average price is $101.85 and its two-hundred day moving average price is $101.92. The firm has a market capitalization of $11.67 billion, a P/E ratio of 18.44, a P/E/G ratio of 3.51 and a beta of 0.45. Pinnacle West Capital Corporation has a fifty-two week low of $85.32 and a fifty-two week high of $111.16. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.59 and a quick ratio of 0.41.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.03). Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company posted $1.58 earnings per share. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, equities analysts forecast that Pinnacle West Capital Corporation will post 4.71 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd were issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, August 3rd. Pinnacle West Capital’s dividend payout ratio is presently 69.73%.

Insider Activity

In other Pinnacle West Capital news, CAO Elizabeth Blankenship sold 980 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the completion of the transaction, the chief accounting officer directly owned 10,886 shares in the company, valued at approximately $1,079,564.62. This trade represents a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Luis Esparza, Jr. sold 1,800 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $102.01, for a total value of $183,618.00. Following the sale, the senior vice president owned 4,910 shares in the company, valued at approximately $500,869.10. This trade represents a 26.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PNW shares. Truist Financial reduced their target price on Pinnacle West Capital from $107.00 to $101.00 and set a “hold” rating on the stock in a report on Monday, August 17th. TD Cowen reissued a “hold” rating on shares of Pinnacle West Capital in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Monday, August 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a $129.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, July 8th. Finally, Wall Street Zen downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $104.62.

About Pinnacle West Capital

Pinnacle West Capital Corporation (NYSE: PNW) is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.

Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.