Gotham Asset Management LLC Has $14.67 Million Position in Pinnacle West Capital Corporation $PNW

Key Points

• Gotham Asset Management LLC increased its stake in Pinnacle West Capital Corporation by 111.6% in Q1, owning a total of 154,041 shares valued at approximately $14.67 million.
• Analysts have mixed ratings for Pinnacle West Capital, with a consensus rating of "Hold" and an average target price of $97.22, reflecting differing opinions on the stock's future performance.
• The company recently paid a quarterly dividend of $0.895 per share, translating to an annual yield of 4.0% and a payout ratio of 73.81%.

Gotham Asset Management LLC lifted its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 111.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 154,041 shares of the utilities provider's stock after acquiring an additional 81,250 shares during the quarter. Gotham Asset Management LLC owned approximately 0.13% of Pinnacle West Capital worth $14,672,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PNW. Clearstead Trust LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth about $25,000. Costello Asset Management INC acquired a new position in Pinnacle West Capital in the 1st quarter valued at about $26,000. Brooklyn Investment Group grew its position in shares of Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock valued at $46,000 after purchasing an additional 396 shares during the last quarter. HM Payson & Co. grew its holdings in Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after buying an additional 196 shares in the last quarter. Finally, Spirit of America Management Corp NY acquired a new position in Pinnacle West Capital in the 1st quarter valued at $57,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on PNW. Barclays decreased their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. UBS Group decreased their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday. BMO Capital Markets upped their price target on shares of 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. Mizuho lowered shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their target price for the stock from $102.00 to $90.00 in a research report on Tuesday. Finally, Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a research report on Thursday, August 21st. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $96.20.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded down $0.06 during trading hours on Friday, reaching $88.31. 171,800 shares of the stock were exchanged, compared to its average volume of 1,143,510. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The company has a market cap of $10.55 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 9.05 and a beta of 0.45. The stock has a 50 day moving average of $90.79 and a two-hundred day moving average of $91.40. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) 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 firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $1.76 EPS. Equities analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Insiders Place Their Bets

In related news, EVP Jacob Tetlow sold 6,496 shares of the firm's 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 sale, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Company 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.