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PHOENIX, May 22, 2025 – Pinnacle West Capital Corporation (NYSE:PNW), an Arizona-based electric utility company with a market capitalization of $10.75 billion, held its Annual Meeting of Shareholders on May 21, 2025, where several key proposals were put to vote. The company, which has maintained dividend payments for 33 consecutive years and currently offers a 3.93% yield, filed its meeting results with the SEC today, indicating shareholders’ decisions on director elections, executive compensation, and other corporate matters. According to InvestingPro analysis, four analysts have recently revised their earnings expectations upward for the upcoming period.
Proposal 1 saw the election of eleven directors for one-year terms concluding at the 2026 Annual Meeting. All nominees were elected with a significant majority, with votes for each ranging from approximately 89 million to 95 million, and withheld votes ranging from around 400,000 to 7 million. There were over 9.5 million broker non-votes for each director.
The advisory vote on executive compensation, Proposal 2, passed with over 92 million votes in favor, 3.3 million against, and 285,000 abstentions. Broker non-votes totaled approximately 9.5 million.
Proposal 3, which involved the ratification of Deloitte & Touche LLP as the company’s independent accountant for the year ending December 31, 2025, was approved with over 102 million votes for, 2.6 million against, and 215,000 abstentions.
Additionally, an amendment to the Company’s Restated Articles of Incorporation to increase the number of authorized common stock, Proposal 4, was approved with over 102 million votes for, 3.4 million against, and 309,000 abstentions.
However, a shareholder proposal titled "Support Special Shareholder Meeting Improvement," listed as Proposal 5, was rejected, with only 2.5 million votes for, 93.3 million against, and 305,000 abstentions. Broker non-votes were again about 9.5 million.
These results are based on a press release statement from Pinnacle West Capital Corporation. The company, listed on the New York Stock Exchange under the ticker symbol PNW, is incorporated in Arizona and specializes in electric services. Trading at a P/E ratio of 17.72, InvestingPro analysis indicates the stock is currently trading above its Fair Value, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of PNW among 1,400+ US equities.
In other recent news, Pinnacle West Capital Corporation reported an unexpected loss for the first quarter of 2025. The company’s earnings per share were -$0.04, missing the forecasted $0.02, although it exceeded revenue expectations by reporting $1.03 billion against a forecast of $988.95 million. The earnings miss was attributed to the absence of a one-time benefit from a previous sale and increased operational costs. Jefferies adjusted Pinnacle West’s stock price target to $109 from $111, maintaining a Buy rating, indicating a positive long-term outlook despite the earnings setback. Analysts from Jefferies also noted the company’s strategic emphasis on long-term growth and potential accelerated timelines for customer projects. Pinnacle West is actively investing in grid modernization and infrastructure to support Arizona’s economic growth, particularly in the semiconductor and manufacturing sectors. The company plans to file a mid-year rate case and is exploring a formula rate plan to reduce regulatory lag. Additionally, Pinnacle West is seeking to add over 2,000 megawatts of new resources by 2028-2030, with potential expansion beyond this target.
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