Alliancebernstein L.P. Has $18.31 Million Stock Position in 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. increased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 24.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,234 shares of the utilities provider's stock after buying an additional 37,291 shares during the period. Alliancebernstein L.P. owned 0.16% of Pinnacle West Capital worth $18,310,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after purchasing an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after purchasing an additional 1,411 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Pinnacle West Capital by 26.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after acquiring an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after acquiring an additional 366 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after acquiring an additional 372 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Pinnacle West Capital 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 completion of the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $87.62 on Thursday. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. 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 firm has a fifty day simple moving average of $90.83 and a 200 day simple moving average of $91.43. The stock has a market capitalization of $10.46 billion, a PE ratio of 18.06, a P/E/G ratio of 9.02 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 for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period last year, the business earned $1.76 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 1st were paid a $0.895 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 4.1%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. KeyCorp dropped their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $102.00 to $90.00 in a research note on Tuesday. Barclays decreased their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note 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 note on Thursday, August 21st. Finally, UBS Group reaffirmed a "neutral" rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $96.50.

Pinnacle West Capital Company 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.

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