Jump Financial LLC Cuts Stock Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Jump Financial LLC has reduced its holdings in Pinnacle West Capital Corporation by 24.0%, owning 54,496 shares worth approximately $5.19 million after selling 17,210 shares in the first quarter.
• Several hedge funds, including Nuveen LLC and Two Sigma Advisers LP, have significantly increased their positions in Pinnacle West Capital, contributing to institutional investors owning 91.51% of the company's stock.
• The company announced a quarterly dividend of $0.895, equating to an annual yield of 4.0%, with a payout ratio of 73.81% as of the latest earnings report.

Jump Financial LLC reduced its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,496 shares of the utilities provider's stock after selling 17,210 shares during the period. Jump Financial LLC's holdings in Pinnacle West Capital were worth $5,191,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC lifted its position in shares of Pinnacle West Capital by 1.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after purchasing an additional 125 shares during the last quarter. Allworth Financial LP lifted its position in Pinnacle West Capital by 19.1% in the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock valued at $74,000 after acquiring an additional 125 shares during the last quarter. AE Wealth Management LLC lifted its position in Pinnacle West Capital by 4.9% in the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock valued at $279,000 after acquiring an additional 137 shares during the last quarter. IFP Advisors Inc lifted its position in Pinnacle West Capital by 4.0% in the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock valued at $387,000 after acquiring an additional 156 shares during the last quarter. Finally, Probity Advisors Inc. lifted its position in Pinnacle West Capital by 2.6% in the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock valued at $592,000 after acquiring an additional 158 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. 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 research report on Wednesday, August 13th. UBS Group reissued a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research report on Thursday, August 21st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, KeyCorp reduced their target price 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. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $97.22.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Stock Performance

Shares of NYSE:PNW traded up $0.02 on Friday, reaching $89.34. The company's stock had a trading volume of 784,263 shares, compared to its average volume of 1,066,620. The stock's 50-day moving average is $91.00 and its two-hundred day moving average is $91.54. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. 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 $10.67 billion, a P/E ratio of 18.42, a PEG ratio of 9.23 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.76 earnings per share. As a group, sell-side analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

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.