Integrity Alliance LLC. Purchases New 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. purchased a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,977 shares of the utilities provider's stock, valued at approximately $284,000.

Other institutional investors also recently bought and sold shares of the company. Clearstead Trust LLC purchased a new position in Pinnacle West Capital during the first quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in Pinnacle West Capital during the first quarter valued at approximately $26,000. Brooklyn Investment Group raised its position in Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock valued at $46,000 after acquiring an additional 396 shares in the last quarter. HM Payson & Co. raised its position in Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after acquiring an additional 196 shares in the last quarter. Finally, Spirit of America Management Corp NY purchased a new position in Pinnacle West Capital during the first quarter valued at approximately $57,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW opened at $88.19 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The business's 50 day moving average price is $90.74 and its 200-day moving average price is $91.36. The firm has a market capitalization of $10.53 billion, a PE ratio of 18.18, a P/E/G ratio of 9.13 and a beta of 0.45. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The business's revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.76 earnings per share. As a group, equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the company an "outperform" rating in a research report on Thursday, August 21st. KeyCorp reduced their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. UBS Group reduced their price target on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research report on Friday. Barclays dropped 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. Finally, Mizuho lowered Pinnacle West Capital from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. Four investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Pinnacle West Capital has an average rating of "Hold" and a consensus price target of $96.20.

Insider Activity

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

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.

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