Jump Financial LLC Trims 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 decreased its stake in 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 (SEC). 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 quarter.

Several other hedge funds also recently modified their holdings of the company. Norinchukin Bank The grew its holdings in shares of Pinnacle West Capital by 12.7% during the first quarter. Norinchukin Bank The now owns 4,956 shares of the utilities provider's stock worth $472,000 after purchasing an additional 558 shares during the last quarter. Capital Fund Management S.A. raised its position in Pinnacle West Capital by 292.5% during the 1st quarter. Capital Fund Management S.A. now owns 126,895 shares of the utilities provider's stock worth $12,087,000 after purchasing an additional 94,566 shares during the last quarter. Credit Agricole S A lifted its holdings in Pinnacle West Capital by 7.9% during the 1st quarter. Credit Agricole S A now owns 28,362 shares of the utilities provider's stock worth $2,701,000 after buying an additional 2,083 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of Pinnacle West Capital by 37.7% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,654 shares of the utilities provider's stock valued at $538,000 after buying an additional 1,549 shares during the period. Finally, HITE Hedge Asset Management LLC raised its position in shares of Pinnacle West Capital by 70.4% during the first quarter. HITE Hedge Asset Management LLC now owns 181,573 shares of the utilities provider's stock worth $17,295,000 after acquiring an additional 75,000 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Stock Up 0.0%

Shares of 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 1,159,802. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50. The stock has a market capitalization of $10.67 billion, a PE ratio of 18.42, a PEG ratio of 9.34 and a beta of 0.38. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The firm has a fifty day moving average of $90.98 and a 200-day moving average of $91.51.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts' consensus estimates of $1.58. The company 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 company's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $1.76 earnings per share. Equities analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

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 issued a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 4.0%. Pinnacle West Capital's dividend payout ratio is currently 73.81%.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction 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 completion of 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 through the SEC website. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PNW. BMO Capital Markets increased 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 report on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Barclays lowered 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, August 13th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $97.22.

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.