Ironwood Investment Counsel LLC Has $1.40 Million Stock Holdings in Pinnacle West Capital Corporation $PNW

Ironwood Investment Counsel LLC grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 107.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,582 shares of the utilities provider’s stock after purchasing an additional 8,061 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Pinnacle West Capital were worth $1,397,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Pinnacle West Capital by 2.2% during the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock valued at $1,322,482,000 after buying an additional 316,629 shares in the last quarter. Invesco Ltd. raised its stake in shares of Pinnacle West Capital by 2.5% in the 2nd quarter. Invesco Ltd. now owns 4,248,954 shares of the utilities provider’s stock valued at $380,154,000 after acquiring an additional 102,778 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Pinnacle West Capital by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,026,662 shares of the utilities provider’s stock valued at $270,282,000 after acquiring an additional 33,216 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Pinnacle West Capital by 7.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,983,626 shares of the utilities provider’s stock worth $267,512,000 after buying an additional 203,136 shares during the period. Finally, ATLAS Infrastructure Partners UK Ltd. grew its stake in Pinnacle West Capital by 2.5% in the 2nd quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,862,950 shares of the utilities provider’s stock valued at $256,148,000 after buying an additional 69,404 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Stock Down 1.1%

NYSE:PNW opened at $93.57 on Friday. The stock has a 50-day simple moving average of $90.11 and a 200 day simple moving average of $90.05. Pinnacle West Capital Corporation has a 52-week low of $85.32 and a 52-week high of $96.50. The company has a market cap of $11.20 billion, a PE ratio of 19.21, a PEG ratio of 5.66 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.

Pinnacle West Capital Announces Dividend

The firm 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 dividend of $0.91 per share. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 annualized dividend and a yield of 3.9%. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 74.74%.

Wall Street Analyst Weigh In

PNW has been the subject of a number of recent analyst reports. Morgan Stanley restated an “underperform” rating on shares of Pinnacle West Capital in a report on Wednesday, January 21st. BMO Capital Markets reissued a “market perform” rating and issued a $99.00 price target on shares of Pinnacle West Capital in a report on Monday, October 20th. Jefferies Financial Group reiterated a “buy” rating and issued a $115.00 price objective on shares of Pinnacle West Capital in a research note on Tuesday, November 4th. TD Cowen initiated coverage on Pinnacle West Capital in a research note on Thursday, October 16th. They issued a “hold” rating and a $97.00 price target on the stock. Finally, Wells Fargo & Company dropped their price objective on Pinnacle West Capital from $92.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. Four analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus 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.