Pinnacle West Capital Corporation $PNW Shares Bought by Capital Fund Management S.A.

Key Points

• Capital Fund Management S.A. has significantly increased its stake in Pinnacle West Capital Corporation by 292.5%, owning 126,895 shares worth approximately $12.1 million after acquiring 94,566 additional shares.
• Pinnacle West Capital announced a quarterly dividend of $0.895, representing an annualized yield of 3.9% and a payout ratio of 73.81%.
• The company's latest earnings report showed an EPS of $1.58, meeting analysts' expectations, with revenue increasing 3.8% year-over-year to $1.36 billion.

Capital Fund Management S.A. grew its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 292.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,895 shares of the utilities provider's stock after purchasing an additional 94,566 shares during the quarter. Capital Fund Management S.A. owned approximately 0.11% of Pinnacle West Capital worth $12,087,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Exchange Traded Concepts LLC boosted its position in shares of Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock valued at $926,000 after acquiring an additional 125 shares during the last quarter. Allworth Financial LP increased its stake in shares of Pinnacle West Capital by 19.1% during the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock worth $74,000 after buying an additional 125 shares during the period. AE Wealth Management LLC boosted its holdings in Pinnacle West Capital by 4.9% in the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock valued at $279,000 after purchasing an additional 137 shares in the last quarter. IFP Advisors Inc boosted its holdings in Pinnacle West Capital by 4.0% in the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock valued at $387,000 after purchasing an additional 156 shares in the last quarter. Finally, Probity Advisors Inc. boosted its holdings in shares of Pinnacle West Capital by 2.6% in the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock valued at $592,000 after acquiring an additional 158 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 1.4%

PNW stock traded down $1.3220 during midday trading on Monday, hitting $90.0280. 783,492 shares of the company's stock were exchanged, compared to its average volume of 1,164,970. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month 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 stock has a market capitalization of $10.75 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 9.43 and a beta of 0.38. The firm has a 50 day moving average price of $90.88 and a 200-day moving average price of $91.49.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting 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 in the previous year, the business earned $1.76 EPS. The business's quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a yield of 4.0%. Pinnacle West Capital's payout ratio is currently 73.81%.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction on Monday, August 11th. The stock was 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 owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

PNW has been the subject of several recent research reports. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Barclays dropped their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. UBS Group reiterated a "neutral" rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Finally, KeyCorp decreased their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and a consensus price target 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.