Landscape Capital Management L.L.C. Increases Stake in Pinnacle West Capital Corporation $PNW

Key Points

• Landscape Capital Management L.L.C. increased its holdings in Pinnacle West Capital Corporation by 36.0% during the first quarter, owning 21,518 shares valued at $2,050,000.
• Analysts have set new price targets for Pinnacle West Capital, with target prices ranging from $89.00 to $98.00, while the stock currently holds a consensus rating of “Hold”.
• Pinnacle West Capital announced a quarterly dividend of $0.895 per share, resulting in an annualized dividend yield of 4.0%, with the payout ratio at 73.81%.

Landscape Capital Management L.L.C. raised its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 36.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,518 shares of the utilities provider's stock after purchasing an additional 5,694 shares during the period. Landscape Capital Management L.L.C.'s holdings in Pinnacle West Capital were worth $2,050,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PNW. Wealth Enhancement Advisory Services LLC grew its position in Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after buying an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. raised its stake in Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after purchasing an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after purchasing an additional 366 shares in the last quarter. Finally, Amalgamated Bank lifted its position in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling 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 value of $600,035.52. Following the completion of the transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Stock Performance

Shares of PNW traded down $0.22 during mid-day trading on Wednesday, hitting $88.58. The stock had a trading volume of 154,966 shares, compared to its average volume of 1,151,940. 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 business has a fifty day moving average price of $90.96 and a 200-day moving average price of $91.52. The firm has a market cap of $10.58 billion, a P/E ratio of 18.25, a PEG ratio of 9.23 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The firm had revenue of $1.36 billion during 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 business's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. On average, equities research analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st were given 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 was Friday, August 1st. Pinnacle West Capital's payout ratio is presently 73.81%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PNW. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets raised 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. Barclays lowered 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 report on Wednesday, August 13th. Finally, Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average 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.