Pinnacle West Capital Corporation $PNW Shares Sold by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC significantly reduced its holdings in Pinnacle West Capital Corporation by 85.7%, leaving it with 2,531 shares valued at $241,000.
• The company reported earnings of $1.58 per share, meeting analysts' expectations, while revenue increased by 3.8% year-over-year to $1.36 billion.
• Pinnacle West Capital announced a quarterly dividend of $0.895 per share, reflecting a 3.9% yield and a dividend payout ratio of 73.81%.

Kovitz Investment Group Partners LLC lessened its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 85.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,531 shares of the utilities provider's stock after selling 15,124 shares during the period. Kovitz Investment Group Partners LLC's holdings in Pinnacle West Capital were worth $241,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PNW. Exchange Traded Concepts LLC boosted its position in shares of Pinnacle West Capital by 1.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after acquiring an additional 125 shares during the last quarter. Allworth Financial LP boosted its position in shares of Pinnacle West Capital by 19.1% during the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock worth $74,000 after acquiring an additional 125 shares during the last quarter. AE Wealth Management LLC boosted its position in shares of Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock worth $279,000 after acquiring an additional 137 shares during the last quarter. IFP Advisors Inc raised its stake in Pinnacle West Capital by 4.0% during the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock valued at $387,000 after purchasing an additional 156 shares in the last quarter. Finally, Probity Advisors Inc. raised its stake in Pinnacle West Capital by 2.6% during the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock valued at $592,000 after purchasing an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 56 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PNW shares. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Barclays decreased 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 report on Wednesday, August 13th. BMO Capital Markets upped 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. KeyCorp cut their price objective 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. Finally, Morgan Stanley cut their price objective on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has a consensus rating of "Hold" and a consensus price target of $97.00.

Pinnacle West Capital Stock Down 1.4%

PNW traded down $1.3220 on Monday, hitting $90.0280. The company had a trading volume of 783,492 shares, compared to its average volume of 1,149,685. The stock has a fifty day moving average price of $90.90 and a 200-day moving average price of $91.51. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. 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 stock has a market capitalization of $10.75 billion, a price-to-earnings ratio of 18.56, a P/E/G ratio of 9.43 and a beta of 0.38.

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 for the quarter, hitting the consensus estimate of $1.58. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $1.76 earnings per share. Analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a $0.895 dividend. 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 (DPR) 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.