Pinnacle West Capital Co. (NYSE:PNW) Shares Bought by First Hawaiian Bank

First Hawaiian Bank raised its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 95.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,770 shares of the utilities provider’s stock after purchasing an additional 5,257 shares during the period. First Hawaiian Bank’s holdings in Pinnacle West Capital were worth $805,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. abrdn plc boosted its position in Pinnacle West Capital by 120.0% during the 4th quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock valued at $4,191,000 after purchasing an additional 31,821 shares during the period. Virtu Financial LLC bought a new stake in Pinnacle West Capital in the 4th quarter valued at about $977,000. Comerica Bank acquired a new position in Pinnacle West Capital during the 3rd quarter valued at about $4,620,000. Duality Advisers LP bought a new position in Pinnacle West Capital in the 4th quarter worth about $1,422,000. Finally, Financial Counselors Inc. increased its stake in shares of Pinnacle West Capital by 37.5% in the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after purchasing an additional 47,035 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNW. Mizuho decreased their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. Royal Bank of Canada cut their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Friday, March 1st. Citigroup assumed coverage on shares of Pinnacle West Capital in a research report on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 28th. Finally, Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $76.04.

Pinnacle West Capital Price Performance

NYSE PNW opened at $75.48 on Friday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $86.03. The business’s fifty day moving average is $75.85 and its two-hundred day moving average is $72.92. The stock has a market capitalization of $8.57 billion, a P/E ratio of 16.44, a P/E/G ratio of 1.91 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. Pinnacle West Capital’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.03) earnings per share. On average, research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 1st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.66%. Pinnacle West Capital’s payout ratio is 76.69%.

Pinnacle West Capital 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.