ProShare Advisors LLC Grows Stock Holdings in Pinnacle West Capital Corporation $PNW

ProShare Advisors LLC grew its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 36.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,340 shares of the utilities provider’s stock after acquiring an additional 9,940 shares during the period. ProShare Advisors LLC’s holdings in Pinnacle West Capital were worth $3,348,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caldwell Trust Co purchased a new stake in shares of Pinnacle West Capital in the second quarter valued at approximately $27,000. CYBER HORNET ETFs LLC bought a new stake in Pinnacle West Capital during the 2nd quarter valued at $27,000. Bayforest Capital Ltd bought a new stake in Pinnacle West Capital during the 3rd quarter valued at $29,000. Quent Capital LLC purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter worth $30,000. Finally, MUFG Securities EMEA plc bought a new position in shares of Pinnacle West Capital during the 2nd quarter worth $32,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Performance

PNW stock opened at $99.43 on Friday. Pinnacle West Capital Corporation has a one year low of $85.32 and a one year high of $99.69. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 5.83 and a beta of 0.54. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.49 and a current ratio of 0.67. The firm has a 50-day simple moving average of $90.88 and a two-hundred day simple moving average of $90.20.

Pinnacle West Capital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 2nd will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, February 2nd. Pinnacle West Capital’s payout ratio is currently 74.74%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley restated an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. Royal Bank Of Canada reissued a “sector perform” rating and set a $103.00 target price on shares of Pinnacle West Capital in a research report on Friday, January 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $99.00 price target on shares of Pinnacle West Capital in a research report on Monday, October 20th. Finally, UBS Group lifted their price objective on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 17th. Four research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $96.42.

Pinnacle West Capital Company 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.