Connor Clark & Lunn Investment Management Ltd. lowered its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 40.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 99,589 shares of the utilities provider's stock after selling 66,635 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Pinnacle West Capital worth $9,486,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in Pinnacle West Capital by 26.2% during the fourth 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 last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Pinnacle West Capital by 12.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after acquiring an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after acquiring an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Pinnacle West Capital by 8.5% in the first 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 grew its stake in shares of Pinnacle West Capital by 1.7% in the first 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. Institutional investors and hedge funds own 91.51% of the company's stock.
Pinnacle West Capital Price Performance
Shares of NYSE PNW traded down $0.68 during midday trading on Friday, reaching $91.23. 943,209 shares of the company traded hands, compared to its average volume of 1,173,622. The firm has a market cap of $10.90 billion, a PE ratio of 18.82, a PEG ratio of 9.61 and a beta of 0.38. The stock's 50-day simple moving average is $90.66 and its 200-day simple moving average is $91.25. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52.
Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data 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 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 business's revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $1.76 earnings per share. As a group, equities analysts anticipate 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 declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued 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 payout ratio is currently 73.81%.
Insider Activity
In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value 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 filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several brokerages have recently issued reports on PNW. Wall Street Zen downgraded shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. BMO Capital Markets raised their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. 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 note on Wednesday, July 16th. Morgan Stanley reduced 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 report on Thursday, May 22nd. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Pinnacle West Capital has an average rating of "Hold" and an average target price of $97.00.
Get Our Latest Research Report on PNW
Pinnacle West Capital Company Profile
(
Free Report)
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.
Featured Stories

Before you consider Pinnacle West Capital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pinnacle West Capital wasn't on the list.
While Pinnacle West Capital currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.