Advisors Asset Management Inc. Trims Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Advisors Asset Management Inc. reduced its stake in Pinnacle West Capital Corporation by 18.9%, selling 3,823 shares and holding 16,399 shares worth approximately $1.56 million at the end of the first quarter.
• Pinnacle West Capital recently declared a quarterly dividend of $0.895 per share, reflecting an annualized $3.58 dividend and a yield of 4.0%.
• Several institutional investors have adjusted their positions in Pinnacle West, with Wealth Enhancement Advisory Services LLC increasing its holdings by 26.2% in the fourth quarter, now owning 29,775 shares valued at $2.52 million.

Advisors Asset Management Inc. trimmed its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 18.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,399 shares of the utilities provider's stock after selling 3,823 shares during the period. Advisors Asset Management Inc.'s holdings in Pinnacle West Capital were worth $1,562,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Pinnacle West Capital by 2.0% during the first quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider's stock worth $1,377,759,000 after acquiring an additional 283,752 shares during the period. ATLAS Infrastructure Partners UK Ltd. raised its stake in Pinnacle West Capital by 230.5% in the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider's stock worth $266,085,000 after purchasing an additional 1,948,416 shares in the last quarter. Reaves W H & Co. Inc. raised its stake in Pinnacle West Capital by 8.5% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider's stock worth $143,781,000 after purchasing an additional 118,796 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Pinnacle West Capital by 27.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock worth $97,162,000 after purchasing an additional 245,003 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Pinnacle West Capital by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider's stock worth $105,203,000 after purchasing an additional 110,674 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PNW. Barclays decreased their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a research report on Thursday, August 21st. KeyCorp dropped their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Mizuho downgraded shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $102.00 to $90.00 in a research note on Tuesday. Finally, UBS Group reduced their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research report on Friday. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $96.20.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company's stock.

Pinnacle West Capital Stock Performance

NYSE:PNW traded down $0.18 during trading hours on Friday, reaching $88.19. The stock had a trading volume of 758,982 shares, compared to its average volume of 891,215. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The stock has a 50 day simple moving average of $90.74 and a 200 day simple moving average of $91.36. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The stock has a market cap of $10.53 billion, a P/E ratio of 18.18, a price-to-earnings-growth ratio of 9.13 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the business posted $1.76 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a $0.895 dividend. The ex-dividend date was Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 4.1%. Pinnacle West Capital's payout ratio is 73.81%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.