Epoch Investment Partners Inc. Sells 27,591 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Epoch Investment Partners Inc. reduced its stake in Pinnacle West Capital Corporation by 4.9%, holding $50.82 million in shares after selling 27,591 shares during the first quarter.
• Pinnacle West Capital declared a quarterly dividend of $0.895, payable on September 2nd, with an annualized yield of 4.0%.
• As of now, 91.51% of Pinnacle West Capital's stock is owned by institutional investors, indicating strong interest from large financial entities.

Epoch Investment Partners Inc. decreased its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 533,509 shares of the utilities provider's stock after selling 27,591 shares during the period. Epoch Investment Partners Inc. owned 0.45% of Pinnacle West Capital worth $50,817,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Pinnacle West Capital by 26.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after purchasing an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in 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 purchasing an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in 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 purchasing an additional 366 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in 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 purchasing an additional 372 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.0%

Shares of NYSE:PNW traded up $0.02 during mid-day trading on Friday, hitting $89.34. 784,263 shares of the company traded hands, compared to its average volume of 1,086,834. The stock has a market cap of $10.67 billion, a P/E ratio of 18.42, a P/E/G ratio of 9.22 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The stock has a 50-day moving average price of $91.00 and a two-hundred day moving average price of $91.51.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion for 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%.Pinnacle West Capital's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.76 earnings per share. On average, equities research analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

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

Insiders Place Their Bets

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 value of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNW. KeyCorp lowered their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. UBS Group reiterated a "neutral" rating and issued a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. BMO Capital Markets raised their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and a consensus target price of $97.22.

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.