Invesco Ltd. Sells 151,833 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Invesco Ltd. has reduced its stake in Pinnacle West Capital by 3.5%, selling 151,833 shares and retaining approximately 4.1 million shares, valued at around $394.9 million.
• Pinnacle West Capital reported an earnings per share of $1.58, matching analysts' expectations, with a revenue of $1.36 billion for the last quarter, reflecting a 3.8% year-over-year increase.
• The company announced a quarterly dividend of $0.895, translating to an annualized dividend yield of 3.9%, with the payout ratio currently at 73.81%.

Invesco Ltd. lessened its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,146,176 shares of the utilities provider's stock after selling 151,833 shares during the quarter. Invesco Ltd. owned 3.47% of Pinnacle West Capital worth $394,923,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after purchasing an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Pinnacle West Capital by 26.2% in the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after acquiring an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Pinnacle West Capital by 8.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after acquiring an additional 366 shares in the last quarter. Finally, Amalgamated Bank grew its stake in shares of Pinnacle West Capital by 1.7% in the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after acquiring an additional 372 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Down 0.7%

Shares of NYSE PNW traded down $0.61 during mid-day trading on Friday, hitting $91.30. The stock had a trading volume of 1,463,106 shares, compared to its average volume of 1,258,529. 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 business has a 50 day moving average price of $90.71 and a two-hundred day moving average price of $91.28. The firm has a market cap of $10.90 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 9.49 and a beta of 0.38. 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 data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion for 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 company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.76 EPS. On average, equities analysts anticipate 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 will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PNW shares. BMO Capital Markets upped their target price 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. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Barclays reduced their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Hold" and a consensus price target of $97.00.

Insider Buying and Selling 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 shares were 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 represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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.