IFM Investors Pty Ltd Sells 7,011 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• IFM Investors Pty Ltd reduced its stake in Pinnacle West Capital by 46.4%, selling 7,011 shares during the 1st quarter, bringing its total holdings to 8,085 shares valued at approximately $770,000.
• Pinnacle West Capital recently reported earnings of $1.58 per share, meeting expectations, with quarterly revenue reaching $1.36 billion, a 3.8% increase year-over-year.
• The company announced a quarterly dividend of $0.895 per share, yielding 4.1%, with a dividend payout ratio of 73.81%.

IFM Investors Pty Ltd lowered its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 46.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,085 shares of the utilities provider's stock after selling 7,011 shares during the period. IFM Investors Pty Ltd's holdings in Pinnacle West Capital were worth $770,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Pinnacle West Capital by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider's stock valued at $1,377,759,000 after acquiring an additional 283,752 shares during the period. ATLAS Infrastructure Partners UK Ltd. lifted its stake in Pinnacle West Capital by 230.5% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider's stock valued at $266,085,000 after acquiring an additional 1,948,416 shares during the period. Reaves W H & Co. Inc. lifted its stake in Pinnacle West Capital by 8.5% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider's stock valued at $143,781,000 after acquiring an additional 118,796 shares during the period. Nuveen Asset Management LLC lifted its stake in Pinnacle West Capital by 27.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock valued at $97,162,000 after acquiring an additional 245,003 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Pinnacle West Capital by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider's stock valued at $105,203,000 after acquiring an additional 110,674 shares during the period. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.2%

Pinnacle West Capital stock opened at $88.19 on Friday. The firm has a 50 day moving average of $90.74 and a 200 day moving average of $91.36. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 18.18, a P/E/G ratio of 9.13 and a beta of 0.45. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. 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 (NYSE:PNW - Get Free Report) last released its 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 company had revenue of $1.36 billion during 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 quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.76 EPS. As a group, research analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

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

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital 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 directly owned 56 shares of the company's stock, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on PNW shares. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $102.00 to $90.00 in a research note on Tuesday, September 9th. Barclays lowered 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. BMO Capital Markets increased 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. Finally, 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. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $96.20.

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.

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