Kovitz Investment Group Partners LLC Sells 15,124 Shares of Pinnacle West Capital Corporation $PNW

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNW. Nuveen LLC bought a new position in shares of Pinnacle West Capital during the first quarter valued at $99,364,000. Merewether Investment Management LP bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at $69,233,000. Two Sigma Advisers LP lifted its holdings in shares of Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after purchasing an additional 750,700 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after purchasing an additional 610,042 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Pinnacle West Capital by 133.4% in the fourth quarter. Two Sigma Investments LP now owns 961,616 shares of the utilities provider's stock valued at $81,516,000 after acquiring an additional 549,637 shares during the period. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $1.14 during trading on Thursday, hitting $89.30. 1,110,208 shares of the company's stock were exchanged, compared to its average volume of 1,101,601. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The business's 50-day simple moving average is $90.98 and its 200 day simple moving average is $91.51. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 9.34 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter last year, the business posted $1.76 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, 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. Investors of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date 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 (DPR) is currently 73.81%.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PNW. BMO Capital Markets increased their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. UBS Group reissued a "neutral" rating and issued a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.22.

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.