Integrity Alliance LLC. Takes $284,000 Position in Pinnacle West Capital Corporation $PNW

Key Points

• Integrity Alliance LLC purchased a new stake of 2,977 shares in Pinnacle West Capital Corporation, valued at approximately $284,000, during the first quarter.
• Pinnacle West Capital reported $1.58 earnings per share for the last quarter, matching analysts' expectations, with a revenue increase of 3.8% year-over-year.
• The company announced a quarterly dividend of $0.895, representing an annualized payout of $3.58 and a yield of 4.1%, with a payout ratio of 73.81%.

Integrity Alliance LLC. acquired a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,977 shares of the utilities provider's stock, valued at approximately $284,000.

Other hedge funds also recently made changes to their positions in the company. Bayforest Capital Ltd raised its holdings in Pinnacle West Capital by 82.6% in the first quarter. Bayforest Capital Ltd now owns 935 shares of the utilities provider's stock valued at $89,000 after acquiring an additional 423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Pinnacle West Capital by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 324,764 shares of the utilities provider's stock worth $30,934,000 after purchasing an additional 11,356 shares during the last quarter. Woodline Partners LP raised its stake in shares of Pinnacle West Capital by 40.7% in the 1st quarter. Woodline Partners LP now owns 9,606 shares of the utilities provider's stock valued at $915,000 after purchasing an additional 2,778 shares in the last quarter. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $4,762,000. Finally, Empowered Funds LLC raised its stake in shares of Pinnacle West Capital by 12.8% in the 1st quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider's stock valued at $438,000 after purchasing an additional 523 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. 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. BMO Capital Markets boosted 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 research note on Thursday, August 7th. Barclays reduced their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Finally, Mizuho downgraded shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and cut their price target for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $96.20.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the company'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 transaction, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company's stock.

Pinnacle West Capital Trading Down 0.3%

Shares of NYSE:PNW traded down $0.24 during mid-day trading on Thursday, hitting $85.87. The stock had a trading volume of 995,514 shares, compared to its average volume of 863,272. 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 $10.26 billion, a PE ratio of 17.71, a P/E/G ratio of 8.89 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's 50 day moving average is $90.43 and its 200-day moving average is $91.20.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate 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 net margin of 10.96% and a return on equity of 8.45%. The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.76 EPS. On average, sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

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.