Bank of Nova Scotia Raises Holdings in Pinnacle West Capital Corporation $PNW

Bank of Nova Scotia boosted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 870.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 99,439 shares of the utilities provider’s stock after acquiring an additional 89,192 shares during the quarter. Bank of Nova Scotia’s holdings in Pinnacle West Capital were worth $10,018,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PNW. Brighton Jones LLC acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $417,000. NewEdge Advisors LLC grew its stake in shares of Pinnacle West Capital by 999.1% in the 1st quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider’s stock valued at $782,000 after purchasing an additional 7,463 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Pinnacle West Capital by 109.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,255 shares of the utilities provider’s stock valued at $215,000 after purchasing an additional 1,180 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle West Capital by 10.3% in the first quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider’s stock valued at $42,010,000 after purchasing an additional 41,173 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Pinnacle West Capital by 12.8% in the first quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider’s stock valued at $438,000 after purchasing an additional 523 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $106.22 on Monday. The firm has a market capitalization of $12.87 billion, a P/E ratio of 19.78, a PEG ratio of 3.86 and a beta of 0.43. Pinnacle West Capital Corporation has a one year low of $85.32 and a one year high of $111.16. The company’s fifty day moving average is $104.42 and its two-hundred day moving average is $100.56. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.60.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.30. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted ($0.04) EPS. The business’s revenue was up 11.4% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Analysts forecast that Pinnacle West Capital Corporation will post 4.74 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 3rd will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, August 3rd. Pinnacle West Capital’s dividend payout ratio (DPR) is presently 67.78%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PNW shares. Wall Street Zen raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Argus boosted their price objective on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Barclays upped their price objective on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $129.00 target price on shares of Pinnacle West Capital in a report on Wednesday, July 8th. Finally, Truist Financial dropped their price target on shares of Pinnacle West Capital from $108.00 to $105.00 and set a “hold” rating on the stock in a research note on Friday, May 29th. Three investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.07.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,567 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total transaction of $650,133.00. Following the sale, the executive vice president owned 6,634 shares of the company’s stock, valued at $656,766. The trade was a 49.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.19% of the company’s stock.

About Pinnacle West Capital

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.