Citigroup Inc. Lowers Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Citigroup Inc. reduced its stake in Pinnacle West Capital Corporation by 31.9%, owning approximately $12.12 million worth of shares after selling 59,707 shares in the first quarter.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895, translating to an annualized dividend of $3.58 and a 3.9% yield.
• The company's stock has shown fluctuations with a 52-week low of $81.47 and a high of $96.50, with current trading at $91.30.

Citigroup Inc. trimmed its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 31.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,192 shares of the utilities provider's stock after selling 59,707 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Pinnacle West Capital worth $12,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Pinnacle West Capital by 0.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 107,598 shares of the utilities provider's stock worth $10,249,000 after acquiring an additional 373 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Pinnacle West Capital by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,044,047 shares of the utilities provider's stock worth $99,445,000 after acquiring an additional 12,857 shares during the last quarter. Vanguard Group Inc. grew its position in Pinnacle West Capital by 2.0% during the 1st 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 last quarter. Reaves W H & Co. Inc. grew its position in Pinnacle West Capital by 8.5% during 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 acquiring an additional 118,796 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its position in Pinnacle West Capital by 4.8% during the 1st quarter. Atria Wealth Solutions Inc. now owns 3,619 shares of the utilities provider's stock worth $345,000 after acquiring an additional 167 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. KeyCorp cut their price objective on 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. Morgan Stanley cut their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. UBS Group reiterated a "neutral" rating and issued a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital presently has an average rating of "Hold" and an average price target of $97.00.

Insider Activity 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.

Pinnacle West Capital Stock Down 0.7%

Shares of PNW traded down $0.61 on Friday, reaching $91.30. The stock had a trading volume of 1,463,106 shares, compared to its average volume of 1,258,529. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 9.43 and a beta of 0.38. 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 company has a 50-day simple moving average of $90.71 and a 200-day simple moving average of $91.32. 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 released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.76 EPS. Sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company 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 is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is presently 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.