Alliancebernstein L.P. Purchases 37,291 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• AllianceBernstein L.P. increased its stake in Pinnacle West Capital Corporation by 24.1% during the 1st quarter, owning 192,234 shares valued at approximately $18.31 million as of the end of the quarter.
• The company recently announced a quarterly dividend of $0.895, representing an annualized dividend of $3.58 with a dividend yield of 4.1%.
• Pinnacle West Capital reported $1.58 EPS for the recent quarter, meeting analyst expectations, with revenue increasing 3.8% year-over-year to $1.36 billion.

Alliancebernstein L.P. grew its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 24.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,234 shares of the utilities provider's stock after purchasing an additional 37,291 shares during the period. Alliancebernstein L.P. owned about 0.16% of Pinnacle West Capital worth $18,310,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted 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 valued at $1,377,759,000 after purchasing an additional 283,752 shares during the last quarter. ATLAS Infrastructure Partners UK Ltd. lifted its holdings in shares of Pinnacle West Capital by 230.5% in the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider's stock valued at $266,085,000 after purchasing an additional 1,948,416 shares in the last quarter. Reaves W H & Co. Inc. boosted its position in shares of Pinnacle West Capital by 8.5% in the first quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider's stock worth $143,781,000 after buying an additional 118,796 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 27.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock valued at $97,162,000 after buying an additional 245,003 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Pinnacle West Capital by 11.1% during 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 period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on PNW shares. Mizuho lowered Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. 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. KeyCorp lowered their price objective 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. Barclays dropped their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Finally, Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a research report on Thursday, August 21st. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $96.20.

Pinnacle West Capital Stock Down 1.8%

NYSE PNW traded down $1.53 during trading on Tuesday, reaching $85.89. The company's stock had a trading volume of 918,587 shares, compared to its average volume of 850,529. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $10.26 billion, a PE ratio of 17.71, a PEG ratio of 9.03 and a beta of 0.45. The business has a 50-day moving average price of $90.62 and a 200-day moving average price of $91.29. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50.

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

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were paid a $0.895 dividend. The ex-dividend date was Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 4.2%. Pinnacle West Capital's payout ratio is 73.81%.

Pinnacle West Capital Profile

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.