Principal Financial Group Inc. Sells 8,445 Shares of Pinnacle West Capital Corporation $PNW

Principal Financial Group Inc. lowered its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 6.0% in the third quarter, Holdings Channel.com reports. The firm owned 131,694 shares of the utilities provider’s stock after selling 8,445 shares during the period. Principal Financial Group Inc.’s holdings in Pinnacle West Capital were worth $11,808,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC purchased a new position in shares of Pinnacle West Capital during the fourth quarter valued at approximately $417,000. NewEdge Advisors LLC lifted its stake in Pinnacle West Capital by 999.1% during the 1st quarter. NewEdge Advisors LLC now owns 8,210 shares of the utilities provider’s stock valued at $782,000 after acquiring an additional 7,463 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Pinnacle West Capital by 109.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,255 shares of the utilities provider’s stock worth $215,000 after acquiring an additional 1,180 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Pinnacle West Capital by 10.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider’s stock worth $42,010,000 after acquiring an additional 41,173 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Pinnacle West Capital by 12.8% in the 1st quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 523 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Up 0.9%

PNW opened at $96.02 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.67 and a debt-to-equity ratio of 1.28. The stock has a market cap of $11.49 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 5.70 and a beta of 0.54. Pinnacle West Capital Corporation has a twelve month low of $85.32 and a twelve month high of $96.50. The company’s 50-day moving average price is $90.46 and its two-hundred day moving average price is $90.08.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 2nd will be paid a $0.91 dividend. 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 firms recently weighed in on PNW. TD Cowen began coverage on shares of Pinnacle West Capital in a research report on Thursday, October 16th. They set a “hold” rating and a $97.00 price target on the stock. UBS Group increased their price objective on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 17th. Barclays dropped their target price on shares of Pinnacle West Capital from $95.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 15th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $99.00 target price on shares of Pinnacle West Capital in a report on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and an average target price of $96.42.

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.