CIBC Asset Management Inc Purchases 11,949 Shares of Pinnacle West Capital Corporation $PNW

CIBC Asset Management Inc increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 83.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 26,269 shares of the utilities provider’s stock after acquiring an additional 11,949 shares during the period. CIBC Asset Management Inc’s holdings in Pinnacle West Capital were worth $2,330,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNW. Norges Bank bought a new stake in Pinnacle West Capital during the 4th quarter worth approximately $140,468,000. Capital Research Global Investors increased its holdings in Pinnacle West Capital by 5.0% during the 3rd quarter. Capital Research Global Investors now owns 15,853,302 shares of the utilities provider’s stock worth $1,421,407,000 after acquiring an additional 758,190 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Pinnacle West Capital by 8.5% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,223,725 shares of the utilities provider’s stock worth $647,679,000 after buying an additional 568,581 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Pinnacle West Capital by 133.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 920,687 shares of the utilities provider’s stock worth $81,665,000 after buying an additional 526,212 shares in the last quarter. Finally, Reaves W H & Co. Inc. grew its stake in Pinnacle West Capital by 21.3% in the 3rd quarter. Reaves W H & Co. Inc. now owns 1,804,114 shares of the utilities provider’s stock worth $161,757,000 after buying an additional 316,193 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Up 0.1%

Shares of PNW opened at $103.16 on Monday. The stock has a market capitalization of $12.50 billion, a P/E ratio of 19.21, a PEG ratio of 3.77 and a beta of 0.44. The company has a quick ratio of 0.39, a current ratio of 0.60 and a debt-to-equity ratio of 1.38. The firm has a fifty day simple moving average of $101.49 and a two-hundred day simple moving average of $96.30. Pinnacle West Capital Corporation has a twelve month low of $85.32 and a twelve month high of $104.92.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Monday, May 4th. The utilities provider reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.30. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Pinnacle West Capital had a net margin of 11.99% and a return on equity of 9.27%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) EPS. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, research analysts anticipate that Pinnacle West Capital Corporation will post 4.7 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 4th were given a dividend of $0.91 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $3.64 annualized dividend and a yield of 3.5%. Pinnacle West Capital’s dividend payout ratio is presently 67.78%.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total transaction of $650,133.00. Following the completion of the sale, the executive vice president owned 6,634 shares of the company’s stock, valued at $656,766. This represents a 49.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PNW shares. Argus boosted their price target on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Truist Financial cut their price target on shares of Pinnacle West Capital from $108.00 to $105.00 and set a “hold” rating for the company in a research note on Friday, May 29th. Weiss Ratings raised shares of Pinnacle West Capital from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Wells Fargo & Company set a $106.00 price target on shares of Pinnacle West Capital in a research note on Tuesday, April 21st. Finally, TD Cowen upped their price objective on shares of Pinnacle West Capital from $100.00 to $101.00 and gave the company a “hold” rating in a research note on Friday, May 15th. Three analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.50.

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.