5 Utility Dividend Stocks with High Yields

4. Pinnacle West Capital Corporation (NYSE:PNW)

Number of Hedge Fund Holders: 30  

Dividend Yield as of May 16: 4.64% 

Pinnacle West Capital Corporation (NYSE:PNW) provides retail and wholesale electric services. The firm has an impressive dividend history stretching back close to three decades. In the past ten years, the payouts have registered consistent growth. The sector median in this regard is just seven years. On April 20, the firm declared a quarterly dividend of $0.85 per share, in line with previous. In earnings results for the first quarter of 2022, the company beat market expectations on revenue by over $90 million. 

On April 4, RBC Capital analyst Shelby Tucker maintained a Sector Perform rating on Pinnacle West Capital Corporation (NYSE:PNW) stock and raised the price target to $80 from 76, noting that the firm was making “incremental progress” to come back from the rate case disappointments of 2021.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Pinnacle West Capital Corporation (NYSE:PNW), with 707,064 shares worth more than $49 million.