Pinnacle West Capital Corporation $PNW Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP boosted its stake in Pinnacle West Capital by 11.1%, now owning over 1.1 million shares valued at approximately $105 million.
• Pinnacle West Capital announced a quarterly dividend of $0.895 per share, reflecting a yield of 3.9%, with the payout scheduled for September 2nd.
• The company's earnings report showed revenue of $1.36 billion for the quarter, slightly above analyst expectations, and earnings per share matched forecasts at $1.58.

Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 11.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,104,560 shares of the utilities provider's stock after acquiring an additional 110,674 shares during the period. Dimensional Fund Advisors LP owned about 0.93% of Pinnacle West Capital worth $105,203,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC raised its position in shares of Pinnacle West Capital by 1.3% in the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock valued at $926,000 after buying an additional 125 shares during the last quarter. Allworth Financial LP boosted its stake in 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 stake in Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock worth $279,000 after buying an additional 137 shares during the period. IFP Advisors Inc boosted its stake in Pinnacle West Capital by 4.0% during the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock worth $387,000 after buying an additional 156 shares during the period. Finally, Probity Advisors Inc. boosted its stake 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 purchasing an additional 158 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNW has been the subject of several recent research reports. UBS Group reissued a "neutral" rating and issued a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. BMO Capital Markets lifted their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Finally, 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. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $97.22.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company's stock.

Pinnacle West Capital Trading Up 0.0%

Shares of PNW stock traded up $0.02 during trading hours on Friday, hitting $89.34. 784,263 shares of the company were exchanged, compared to its average volume of 1,086,834. The firm has a market cap of $10.67 billion, a PE ratio of 18.42, a PEG ratio of 9.22 and a beta of 0.38. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The firm has a fifty day moving average of $91.00 and a 200 day moving average of $91.51.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting the consensus estimate of $1.58. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.76 EPS. Analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently announced 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. This represents a $3.58 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is 73.81%.

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.