Algert Global LLC Grows Position in Pinnacle West Capital Corporation $PNW

Key Points

• Algert Global LLC significantly increased its stake in Pinnacle West Capital Corporation by 729.1% in the first quarter, owning a total of 85,412 shares valued at approximately $8.1 million.
• Recently, Pinnacle West announced a quarterly dividend of $0.895, indicating an annualized dividend of $3.58 and a yield of 3.9%.
• The company reported $1.58 earnings per share for the most recent quarter, aligning with analysts' expectations, while also showing a year-over-year revenue growth of 3.8%.

Algert Global LLC raised its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 729.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 85,412 shares of the utilities provider's stock after acquiring an additional 75,110 shares during the quarter. Algert Global LLC owned approximately 0.07% of Pinnacle West Capital worth $8,135,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. raised its stake in Pinnacle West Capital by 143.6% in the 1st quarter. Raymond James Financial Inc. now owns 140,564 shares of the utilities provider's stock valued at $13,389,000 after purchasing an additional 82,851 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its holdings in shares of Pinnacle West Capital by 7.5% during the first quarter. Nations Financial Group Inc. IA ADV now owns 29,157 shares of the utilities provider's stock worth $2,777,000 after buying an additional 2,023 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pinnacle West Capital by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider's stock valued at $105,203,000 after buying an additional 110,674 shares during the last quarter. Azimuth Capital Investment Management LLC lifted its stake in shares of Pinnacle West Capital by 10.1% during the first quarter. Azimuth Capital Investment Management LLC now owns 24,525 shares of the utilities provider's stock valued at $2,336,000 after buying an additional 2,250 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Pinnacle West Capital by 3.5% during the first quarter. Sei Investments Co. now owns 120,937 shares of the utilities provider's stock valued at $10,707,000 after buying an additional 4,095 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $91.30 on Monday. The business has a 50-day moving average of $90.71 and a two-hundred day moving average of $91.35. The firm has a market capitalization of $10.90 billion, a PE ratio of 18.82, a P/E/G ratio of 9.43 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued 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 analysts' expectations of $1.35 billion. During the same quarter in the previous year, the business earned $1.76 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, research analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

PNW has been the subject of several recent analyst reports. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Morgan Stanley dropped their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. BMO Capital Markets increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Finally, UBS Group restated a "neutral" rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $97.00.

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.

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