Early Retirement Portfolio: 5 Stocks to Live Off Dividends Revisited

3. Pinnacle West Capital Corporation (NYSE:PNW)

Dividend Yield as of February 14: 4.63%

Pinnacle West Capital Corporation (NYSE:PNW) is an Arizona-based utility holding company that provides ESG-focused and innovative energy solutions to its consumers. In the past 12 months, the stock delivered a 7.72% return to shareholders, as of February 14.

Pinnacle West Capital Corporation (NYSE:PNW) currently offers a per-share dividend of $0.865 every quarter and has a dividend yield of 4.63%, as of February 14. In 2022, the company extended its dividend growth streak to 10 years.

Street analysts presented a positive outlook on the utility sector, even during market turmoil. In December, both Mizuho and Wells Fargo raised their price targets on Pinnacle West Capital Corporation (NYSE:PNW) to $78 and $82, respectively.

Pinnacle West Capital Corporation (NYSE:PNW) was a part of 27 hedge fund portfolios in Q3 2022, up from 21 in the previous quarter, as per Insider Monkey’s database. The stakes owned by these funds have a value of $232.5 million.