Pinnacle West Capital Corporation $PNW Shares Bought by NEOS Investment Management LLC

NEOS Investment Management LLC boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 24.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 49,268 shares of the utilities provider’s stock after acquiring an additional 9,590 shares during the quarter. NEOS Investment Management LLC’s holdings in Pinnacle West Capital were worth $4,417,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Caldwell Trust Co acquired a new position in shares of Pinnacle West Capital in the 2nd quarter worth approximately $27,000. CYBER HORNET ETFs LLC acquired a new stake in Pinnacle West Capital in the 2nd quarter valued at approximately $27,000. Bayforest Capital Ltd purchased a new stake in Pinnacle West Capital in the third quarter valued at approximately $29,000. Quent Capital LLC acquired a new position in Pinnacle West Capital during the third quarter worth $30,000. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter valued at $32,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $98.46 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.49 and a debt-to-equity ratio of 1.28. The company has a fifty day simple moving average of $91.81 and a 200-day simple moving average of $90.44. The stock has a market cap of $11.78 billion, a P/E ratio of 20.22, a price-to-earnings-growth ratio of 5.84 and a beta of 0.54. Pinnacle West Capital Corporation has a 12-month low of $85.32 and a 12-month high of $100.55.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 2nd will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, February 2nd. Pinnacle West Capital’s dividend payout ratio (DPR) is 74.74%.

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. UBS Group upped their target price on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 17th. KeyCorp lowered Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 12th. Morgan Stanley reiterated an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Thursday, January 22nd. Finally, Barclays reduced their price target on 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. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $96.42.

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.