Gabelli Funds LLC Sells 4,600 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Gabelli Funds LLC reduced its stake in Pinnacle West Capital by 1.4%, selling 4,600 shares and retaining ownership of 329,200 shares worth approximately $31.36 million as of the latest SEC filing.
• In the 1st quarter, several institutional investors, including Clearstead Trust LLC and Brooklyn Investment Group, made changes to their positions in Pinnacle West, demonstrating increased interest in the company.
• Pinnacle West Capital recently declared a quarterly dividend of $0.895 per share, contributing to an annualized dividend of $3.58 and a dividend yield of 4.0%, with a payout ratio of 73.81%.

Gabelli Funds LLC cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 329,200 shares of the utilities provider's stock after selling 4,600 shares during the quarter. Gabelli Funds LLC owned approximately 0.28% of Pinnacle West Capital worth $31,356,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its stake in Pinnacle West Capital by 1.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after buying an additional 125 shares in the last quarter. Allworth Financial LP boosted its position in Pinnacle West Capital by 19.1% during the 1st 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 increased 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 during the period. 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 acquiring an additional 156 shares during the last quarter. Finally, Probity Advisors Inc. lifted its position in shares of Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock worth $592,000 after purchasing an additional 158 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm'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 directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Trading Up 0.0%

Shares of Pinnacle West Capital stock traded up $0.02 during midday trading on Friday, reaching $89.34. 784,263 shares of the company's stock traded hands, compared to its average volume of 1,159,802. The stock has a 50 day moving average of $91.00 and a 200-day moving average of $91.51. 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 market cap of $10.67 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 9.34 and a beta of 0.38. 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 posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.76 earnings per share. As a group, equities analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 4.0%. Pinnacle West Capital's dividend payout ratio (DPR) is presently 73.81%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNW. BMO Capital Markets boosted their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. KeyCorp cut 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 report on Wednesday, July 16th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, LADENBURG THALM/SH SH upgraded shares of 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 assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $97.22.

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.