Pinnacle West Capital Corporation $PNW Shares Sold by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has reduced its stake in Pinnacle West Capital Corporation by 41.7%, selling 275,919 shares, resulting in ownership of 385,966 shares worth approximately $36.76 million.
• Insider activity includes EVP Jacob Tetlow selling 6,496 shares at an average price of $92.37, significantly decreasing his ownership to just 56 shares.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, yielding about 4.0%, with a payout ratio of 73.81%.

Jacobs Levy Equity Management Inc. trimmed its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 41.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 385,966 shares of the utilities provider's stock after selling 275,919 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.32% of Pinnacle West Capital worth $36,763,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PNW. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $26,000. Brooklyn Investment Group increased its stake in shares of Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after buying an additional 396 shares during the period. HM Payson & Co. increased its stake in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after buying an additional 196 shares during the period. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Pinnacle West Capital during the first quarter worth 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 PNW traded up $0.43 during mid-day trading on Thursday, reaching $88.05. 409,588 shares of the company's stock were exchanged, compared to its average volume of 1,145,987. 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 stock has a market capitalization of $10.52 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 9.02 and a beta of 0.45. The business's fifty day simple moving average is $90.83 and its 200-day simple moving average is $91.43. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its 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 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 company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.76 earnings per share. On average, equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a dividend of $0.895 per share. The ex-dividend date 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 dividend payout ratio (DPR) is 73.81%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PNW shares. Barclays cut their target price 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. UBS Group reaffirmed a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. KeyCorp dropped their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research report on Thursday, August 21st. Finally, Mizuho downgraded shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and dropped their target price for the company from $102.00 to $90.00 in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $96.50.

About Pinnacle West Capital

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.